For a while we’ve been hearing that The Hangover director Todd Phillips has been working on a top secret project with super-producer Joel Silver. Both are on board to help put together a small R-rated comedy for the feature directorial debut of Nima Nourizadeh. Other than that, no big names are attached to star and the premise has been hidden from the world, until now…

According to FirstShowing, a close and reliable source gave them the inside scoop on what exactly it is that Phillips is working on.

The film is described as a party movie, but unlike films like Can’t Hardly Wait and other such one-night-of-chaos films before it, this will be shot in cinema-vérité style, where the audience will experience the party only through the first-person observer view of the camera, so essentially, we will be at the party too. Much like the Hud character in Cloverfield, the role of the observer through which we experience the party will be voice-over only. And to seal the deal on this party-going experience, the entire film will be presented in 3D (there’s a chance it could be shot in 3D, but with a $15 million budget, I don’t think that’s the case).

Even though everything sounds like it will be done off the cuff, there is a script involved so it won’t be that much improv going on. Silver and Phillips are also looking to cast no name actors instead of digging through the Hollywood teen set, so if you think you’ve got the chops and want to audition visit the casting call website. The premise is interesting but the idea of it possibly being in 3D sounds insane. Just thinking about a house party, alcohol, and 3D makes me want to vomit. That’s a dangerous combination.

What do you think of Project X? Does it sound interesting?