There are several websites to watch online movies and severals to download them too.
I am going to list sites from where you can download movies for your mobile phone. I use these site a lot--
i) www.my3gpclub.com --- It is a wap site (INDIA). You can download Hollywood movies; hollywood movies in hindi as well as bollywood movies in 3gp and mp4 format...
ii) www.o2cinemas.com--- It is also a wap site. You can download hollywood movies in 3gp and Avi format.
iii) www.3gpmobilemovies.com-- Similar to others...
iv) www.crazymovies.in-- Probably the best out of four. Large number of movies.