Yes Hollywood is out of ideas. This movie isn't even that old and it's pretty good yet they decide to remake it already.
http://www.aintitcool.com/node/68773
The sequel was so so. The third one completely forgettable. It didn't even have the same cast. I don't think this remake will be good. There was something fun in the opening twist of the end of High School, fun times at night on a small town seaside beach, alcohol, the promise of college, and disaster striking. Then everything getting turned upside down.