Personally, i would LOVE to see Wot as a live-action film, but it's just so massive that i don't think it would work. A good idea would probably be either an anime series since it's very popular at the moment and used to doing this sort of thing (although i know a lot of you probably would hate that), or a tv series which is actually quite reasonable. I mean, if A Song of Ice and Fire can be a tv series, WoT should be able to too (even though it's a bit longer).
As for a video game, i've been dying for one! I'm thinking perhaps the best form of a game would be similar to the format of Fable. Several missions should be available such as whether to help rand (like moiraine) or hurt him (like elaida). Or you could go on quests with Mat and fight battles, or fight off trollocs to save your hometown...etc. Along with this, you would be able to choose the path of light or shadow. See what I mean? Very Fable-like, but completely wheel of time.
What do you guys think?