The Record (2000)

This is the classic tale of misfit high school students taking a prank too far, resulting in the death of a classmate (or at least it seems). After burying him alive and torching him, he lashes out from the grave, only to mysteriously disappear just as quick. They had also filmed their attempt at psuedo-snuff, with the tape originally to have perished with the enflamed corpse. Now, a masked murderer is tracking the group of five's every move, picking them off one-by-one, while showing portions of the film in random public places. Just when they think that they have their nemesis cornered, it actually has them trapped, until that final showdown that you know is eventually coming even before the opening credits