Now that National Lampoon has set up their own in-house shop, the first thing on the agenda is to begin setting up a few projects that a) are actually funny, b) are worth the price of admission and c) will help revive their reputation. They just recently partnered with the Farrelly brothers on a comedy called Bag Boy and, as Variety reports, have announced the first of four projects based solely on National Lampoon properties that the company will co-develop with Half Shell Entertainment.

See, the main problem with National Lampoon lately is that, instead of developing projects themselves, they've been simply lending out their name in order to bring a little familiarity to a film and help boost its box office numbers. However, they now want to control the show and have begun digging through the archives of their now defunct magazine to find something -- anything, really. Seeing as I've been tough on National Lampoon lately (c'mon, Pledge This -- are they serious?), I'll be the first to say that I absolutely love the idea behind their newest project, The Last Night in October. Yes, it's Halloween-related. And yes, it sounds hysterical.

Described as a "Dazed and Confused-style ensemble piece" (I like it already), pic revolves around a town which declares war on Halloween after a thumbtack is found in a piece of candy. Oh, and it takes place in 1986. We're not sure if they intended it to take place in 1986 or if that was simply the year this particular story showed up in their magazine. Either way, it could be hilarious -- I'd love to see National Lampoon bring back a little dark humor. The original Vacation was packed with risky jokes (Clark ties dead grandma down to the roof of his wagon??), and so if they can unearth some more of that -- without Paris Hilton's involvement -- then I will officially be the first one in line for a ticket. You?