New clues about mystery trailer? Kirk has the exclusive!

DENVER - What is it? That's the question moviegoers are asking about a mysterious trailer promoting an unnamed film shown in previews before Transformers.

The footage is hand-held home video of a party in New York, featuring happy-looking twentysomethings dancing and mugging for the camera before disaster strikes.

The lights go out. The party people go to the roof and see huge fireballs erupting in the city. Panic ensues and the group runs to the street, where something large hurtles through the sky and crash-lands in the street in a heap of burned wreckage.

It's the Statue of Liberty's head.

There is no title on the trailer. The date 1/18/08 is shown, along with a line saying it is produced by Lost co-creator and Mission: Impossible III director J.J. Abrams.

The project is known by the code name Cloverfield, but that is not the real title, according to Paramount Pictures, the source of the trailer.

9NEWS Entertainment Reporter Kirk Montgomery learned exclusively on Friday from a secret source, who is on the set of the film every day, that it is not a sequel or a remake (which precludes King Kong or Godzilla). It is not Voltron or "Lost"-related.

The source told Kirk the entire film will be presented through a handheld video camera, as in the style of the trailer. All of the actors involved had not seen scripts when they signed on for the project and are under strict legal gag-orders not to discuss any aspect of the film.

The source says 50 percent of the $30 million budget for the film is devoted to special effects.

The official Web site is www.1-18-08.com, but the source tells Kirk that apparently a Japanese-style Web site, www.slusho.jp, has lots of clues yet undiscovered by the rabid fans who have been scouring the Internet for hints.

The source told Kirk the biggest clue of the trailer is in the line: "I saw it, it's alive, it's huge."

The source also says the sound the "creature" makes is another big clue. He says the creature is an organic, living thing.

The film is being released by Paramount, but they also are not saying anything. Yet.

Click here to watch what all the fuss is about.