Even with the recent successes of Iron Man, Captain America and Thor movies this is about as close as fans will ever get to a Doctor Strange flick, the 1992 direct-to-VHS Doctor Mordrid, Master of the Unknown.
Any comic book fan with even a passing familiarity to the early history of Doctor Strange will recognize this cheesy though enjoyable film as as an adaptation of the classic Doctor Strange vs. Dormamuu story arc as told in the Strange Tales comic book series of the 1960s. This entry into cult film status was an improvement over the 1978 Doctor Strange television movie (as was the Doctor Strange-ish F/X short by animator and filmmaker Mike Jittlov, which I believe was called Doctor Magic or something, which you should watch if you ever get a chance).
As 90s as this movie is there was no moss was growing on lead actor Jeffery Coombs as the Master of the Unknown. He’s a great addition to many films and television shows, The Frighteners and Deep Space Nine for a few examples. The reason why Marvel didn’t sue the Agamotto out of the production company for DM: TMOTU was because the script was initially intended for another live-action Doc Strange film but was re-written when the option expired.