It’s The Blair Witch Project all over again! Paranormal Activity, a low budget horror film shot with a camcorder two years ago, has become one of the top grossing films in America, thanks to social networking sites like Facebook and Twitter.

Featuring a cast of unknown actors and shot documentary style for just $15,000 in 2007, Paranormal Activity racked in $7 milllion and opened No. 5 after showing in 160 across North America last weekend. Paranormal has social media to thank for its success, says Paramount Pictures Vice-Chaiman Rob Moore.

“We all spend a lot of time talking about Facebook and Twitter and our ability to communicate.Here’s a case where it allows people to rally around a movie they care about and for them to have a sense of participation, then tell other people, ‘Hey, this is something you should see, too.’”

The film, already dubbed “The Scariest Movie Ever,” follows a young San Diego man recording strange happenings in the house he shares with his girlfriend.

This looks interesting! Anyone seen Paranormal Activity yet? We can’t wait to hear your thoughts on it. Is it worth the hype?