The Legend of Zelda is a series that's ripe for a movie adaptation, but aside from the odd fan film here and there, we'll likely never see an official project materialize. That doesn't mean attempts haven't been made, however!
Back in 2007, Imagi Studios, the animation house responsible for the CGI TMNT and Astro Boy films, pitched the above snippet in the hopes of greenlighting a proper Zelda movie. As history has shown, the company wasn't successful.
I was personally excited for both TMNT and Astro Boy only to be underwhelmed when they finally saw release. From the strange character proportions, weak scripts, and terrible pacing, the amount of missed potential was vast. But I do appreciate the attempts at bringing the Ninja Turtles back to the big screen as well as reviving Astro Boy. Imagi also had a Gatchaman movie deep in development before it got the ax. If nothing else, these guys were some serious old-school geeks.
I wonder how Zelda would have turned out. Couldn't have been any worse than the average videogame movie (which isn't saying much, I admit).