Depends on the dvd/blu. The last Fandango cash let me use it on Trainwreck or Ted 2. Some are just generic movie money coupons that let you use it on a certain studio's releases. Some are only one movie...so yes, it really depends.
If it is generic than it can be used for any movie and theaters are usually pretty easy going about it (i.e. I have a bunch of generic $7.50 ones laying around still from this summer and if I went to an early like 10 am showing and purchased three $5 tickets they'd let me use two HMM passes to pay for it). If they are for a specific movie they'll work but odds are the theater won't allow it so you'd have to buy a ticket to Fantastic Four but no one will make you go see it.
If I don't want to see the movie that the movie money is for, I try to find a theater that's playing something else I really want to see at around the same time and just go see that one instead.