The phenomenon that was 'The Blair Witch Project' is a rarity Hollywood has been dying to replicate since the Little Indie That Could's 1999 release, when it scared up a staggering $140 million -- from a budget of $60,000.

Well, the next 'Blair Witch' may have arrived. (Let's all just pretend the abominable 'Book of Shadows: Blair Witch 2' never existed.)

The suddenly super-buzzed about horror flick 'Paranormal Activity' was made for a mere $11,000 over the course of seven days -- and is now being called "the scariest movie of the decade." The film follows a young couple (Katie Featherston and Micah Sloat) who, convinced they're being haunted by spirits, set up a video camera to monitor their bedroom over the course of 20 nights.
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