Hey, he's the Enforcer of Justice! Says so right on that SNES box. He can summon up ice and fire versions of basketballs to smite his enemies. Story? Sure, it has a story.
"In the game's storyline, O'Neal wanders into a kung fu dojo while heading to a heavily emphasized charity basketball game in Tokyo, Japan. There, he stumbles into another dimension, where he is forced to rescue a young boy named Nezu from the evil mummy Sett-Ra."
It also came with a single from his rap CD, Shaq-Fu: Da Return, which I think sums up another reason I loathe this game.