My Dinner with Andre action figures - no hesitation.
These remind me of the Lego Bible.
For some reason the phrase “action figures” makes me think of an anatomically correct and anatomically functional Traci Lords doll, just for starters! 
This is a pretty good Betty Page action figure
Depending of course on what kind of action you have in mind.
Action Figures, hmm–of course! WWE Divas vs. Joshi puroresu stars.
I’ve seen the three figures they released, preferring this Photo Studio Bettie:
http://www3.tfaw.com/toys/profile.html?cart=4294767308837216&SKU=10228
I’m partial to the Irving Klaw-era fetish pin-ups, myself. But it’s just a little plastic statue, not much of an “action figure,” so I’ve never bothered to pick it up. Of course, I’m not a fan of the super-detailed, frozen-in-awkward-poses McFarlane house style of sculpting that has swept the toy industry at the expense of articulation and “play value.”
Or, of course, the lego King Arthur
Ooh, Ayako Hamada. I’d like to have a doll of her. Of any size…
Ahem.
Desire, despair, desire
So many monsters
Oh, but now
I don’t find myself bouncing home
Whistling buttonhole tunes to make me cry
Oh, by the way, here are some pictures of my action figure collection:
I’d want one of those Londo Mollari figures that were marketed for such a short time on Babylon 5.
To actually contribute something to the actual topic…
I like the Adventure era LSH figs, but I’l like to see Post-boot figs.
With lots of variants, too.
3 Live Wires: Circa Issue #0, Cybernetic arm, and ‘Jarth’
Brainiac 5 and 5.1.
Vi and Emerald Vi
At least 3 Kinetix (basic, tailed, Terrorform)
2 Sensors (snake and ‘naga’)
Possibly a 12" line just to have jumbo forms of the Leviathans.
Each of ERG-1/Wildfire’s suits
Triad would be a 3-fig set, natch.
Invisible Kid could use that paint that goes clear when it gets cold.
You want a pornographic foot-fetishist Hobbit diorama? I didn’t even know they HAD holes in the bottom of their feet - it certainly casts the Proudfoots in a whole new light.
The characters from the EF Benson novels…Mapp and Lucia and so on. Their fights were just awesome.
The only three Star Trek figures I have (not counting my Mego Kirk and Spock in their original packages, which is more of an investment thing) are of my favourite characters; Ro, Barclay and Saavik. The Saavik is the Kirstie Alley version from the second film, and I’d like a Robin Curtis one.
I’m pretty sure they don’t exist, though. In lieu of that, I’d like a Tallera figure (a character played by Curtis in the two-part “Gambit” episode of TNG and for whom a figure does exist), as Barclay, Ro, Saavik and Tallera are all significant characters in my fanfics.
Damn, you took my answer.
Well, I’ll throw in the obligatory *My Dinner with Andre * playset.
Though I wouldn’t mind getting some
Cheat Commandos.
2004 Presidential Race Action Figures!
Howard Dean with real screaming action! John Kerry with the Iraq War Balancing Act Playset! George W. Bush with real kneel-and-pray action! Dick Cheney with replaceable pace maker! And an anatomically correct John Edwards action figure!
Live out the drama of the 2004 presidential race in the comfort of your own home.
Karl Rove action figure with real spinning action available for Christmas 2004.
Here’s a 6" version:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=348&item=5928967271&rd=1&ssPageName=WDVW
Looks like they didn’t do a 12" version, but maybe you can customize Vir:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=746&item=5928153576&rd=1&ssPageName=WDVW
I would love to buy figures from the original Highlander movie, and the series. Kurgan, Connor, Ramirez, and Duncan for the first set, then Amanda, Methos, Joe Dawson, Kastagir, etc… Preferably by the company that did the Crouching Tiger figures (Art Asylum, I think?)
Also, I was very disappointed that McFarlane only did The Maxx himself and the Isz. I would love figures of the other characters: Mr. Gone, Julie, and Sarah, especially.
I want Song of Ice and Fire action figures!
Daenerys Targaryen and her dragons vs. the slavers!
The Red Viper vs. The Mountain!
Jon Snow vs. his conscience!
Rob Stark vs. Jaime Lannister!
Arya Stark vs. fucking everybody!
One of these days when I muster up enough ambition I might try to convert some Warhammer miniatures into some of the armies of Westeros.