This movie gets a lot of hate, and I don't really understand why (that seems to be a running theme with the movies I like...everyone else hates them :-p)
A crew salvage a ship where a bunch of people died years ago. They learn that the ship is haunted because all the people on the ship died terrible deaths and are pretty vengeful and angry. The crew eventually learns that the truth is even more complicated than they think, though,as treasure is buried with the ship and the vengeful ghosts might not be the only danger here.
The scene where the original ship guests are massacred is the best part of the movie. It's really icky and creepy. I also liked the mystery revealed at the end of the movie (though it's a little weird, it works for me) and there's plenty of gore and some cool surprises along the way. I think this movie is good fun.