This movie takes place years after the first movie. A college student who posts video movie reviews on youtube pans the original "Grave encounters" and starts to get messages indicating that the movie was real, and that there's been a massive cover-up from the studio. He goes to investigate, finds the original hospital where the events of the first movie occurred, breaks in with a crew of his friends, and sets up to film a night of terror that turns out to be way more than he bargained for.
I liked the premise of this movie, and for awhile, I enjoyed it more than the first film. I think it had some better scares, and I liked the idea of one of the "found footage" movies being real and some snotty college kids stumbling onto the actual location. It has the ring of truth for me. Unfortunately, as the movie heads into its final act, things get so stupid that I started stealing glances at my watch and wanting it to be over. I know it thinks it's being clever with that final twist, but it's just annoying at that point. In the end, I think this movie is just a tired cash-in on what was a good horror idea.