I believe Fox does not own the rights to Deadpool. That's still in Marvel's hands. So there is hope for a faithful adaptation. But if Marvel is indeed in command then I doubt the movie will get released before 2013. Because Marvel's got an impressive movie line-up scheduled till 2012 which will be crowned by the Avengers movie.
Deadpool deserves his own spin-off live-action movie. The crazy mercenary is maybe a villain, but he isn't evil, he is just cynical and crazy, an explosive combination that makes him so marvelously interesting.
The Wolverine movie directed by Gavin Hood is setting the origins of Deadpool, taking some creative licenses with the original Deadpool/Wade Wilson from the comic books:
In Wolverine Ryan Reynolds plays Wade Wilson very true to the character: every member of the team is pissed off by him.
Ryan Reynolds said about his role:
"the movie Wolverine really does trace the origins of the character. You really see his birth, his evolution from Wade Wilson to Deadpool, and really he is more or less the creature that becomes Deadpool later on, but we see his kind of, you know, humble beginnings."
My name is Wade Wilson. I'm a mercenary. And I love what I do!
Striker sees here is an ideal opportunity for transforming this capricious isolated character into Weapon XI (Scot Adkins takes over the role from then), a bounty hunter toy with incredible power.
The process isn't fully completed that he is rushed out of his lab tank to fight against Wolverine. But he is defeated and left for dead in an irradiating nuclear facility.
Then some scientist would rescue him. Because of the event Weapon XI would have lost some of his former powers and become the Deadpool we know (with mainly healing factor and teleportation ability).
The door is obviously opened for a Deadpool spin-off. No script penned yet though. So if you're a fan, it's really time to voice your opinion about this Deadpool movie. I bet people at Marvel, Fox or whatever will drop by sooner or later, and they may take your opinion into account.