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When I was 12, and it just came out, and I had only begun to scrape the surface of horror, yeah, it held a place... then the first half hour passed, and all the teens look like strung out, not to mention the fact you are supposed to feel somewhat sorry for a murder they committed a year prior, while driving drunk, and disposing of the evidence (Spoiler also actually committing murder by dropping the body in the harbor, and he was still alive?)
I really hate this movie now, and its sequel, but I haven't bothered with the two that followed the second one. Urban Legends was a better teen slasher, and that's not saying too much.