Ultimate Body Blows also exists for DOS; it's a sequel with more characters and updated graphics, but it unfortunately lacks the option to redefine the keys.
The DOS port of Mortal Kombat II is especially impressive, being a much higher quality experience than the 16-bit console offerings.
Then you may also wish to try Sango Fighter 2 and Tough Guy, both by the same company (Panda Entertainment). If you were impressed with the first game, you'll love Sango Fighter 2. Just make sure you start the executable PLAY.EXE and not SANGO2.EXE (to bypass the copy protection).
The same programmer and graphic artist for Sango Fighter also worked on Super Fighter, albeit for a different company (C&E, Inc.). Super Fighter is available for free download from the official website.