Recreating the "grindhouse" theater experience of the 1970s, directors Robert Rodriguez and Quentin Tarantino present two feature-length movies in a one ticket event, complete with fake trailers and other elements to transport you back in time.There's a trailer on Yahoo.
The first movie will be Rodriguez's "Planet Terror", about a town besieged by zombie-like infested "sickos", as the sheriff's department finds itself teaming up with a woman (McGowan) who has a machine gun for a leg and her partner, a martial arts expert (Freddy Rodriguez).
In Quentin Tarantino's "Death Proof", the beautiful women working on a movie set find themselves stalked by a murderous psycho named Stuntman Mike (Kurt Russell), whose modus operandi is running them over with his black Dodge Charger, which is emblazoned on the hood with a white skull and lightning bolts.
Update: Even the fake trailers sound interesting. From Wikipedia:
Between the two segments will be trailers advertising fake films. Tarantino has stated that fake trailers will be shot for a blaxploitation film, a kung fu film, a sexploitation movie and a Spaghetti Western film, all in a tongue-in-cheek manner.
Tarantino confirmed that he will be directing the trailer for the sexploitation "film" Cowgirls in Sweden. In an interview with Danny Trejo, the actor said that he will be in a fake trailer for a movie called They Call Him Machete. Trejo's other characters in Rodriguez movies have also had names similar to knives, such as Razor Charlie in From Dusk Till Dawn.
According to Fangoria, Rob Zombie is shooting a faux trailer called Werewolf Women of the S.S., featuring Nicolas Cage as Fu Manchu. Eli Roth's contribution (in addition to an onscreen cameo in Death Proof) will be a promo for the slasher opus Thanksgiving. Shaun of the Dead director Edgar Wright is also directing a trailer, although the title and subject have not been released.
Update 2: See a more recent post on the DVD release.