Facebreaker: KO Party for Wii is out!  From IGN’s article:

Laugh out loud as you pummel your opponent with a barrage of blows to the face, and watch in satisfaction as your progress is illustrated by real-time facial deformation. With haymakers, face shots and body blows, wait for the right moment to drop a Breaker to make your presence known. Taunt your adversaries and flaunt your talent, by boxing with one hand behind your back to add ultimate humiliation to your bout. In FaceBreaker K.O. Party, rearranging faces just feels better when done with friends.

Amazon has Facebreaker: KO Party for $39.99 right now.  Check out a trailer: