They get in the house and find a bumload of tapes and a dead bloke. Rather than doing anything logical, they decide to watch some of the tapes. The film breaks into five standalone mini-flicks. All of them, to varying levels of contrivance, use the found footage format.
I actually like the found footage thing, it can be very effective, Blair Witch was great and the little known Brit film Exhibit A was excellent, nasty stuff. The style works particularly well in horror where it can cut corners by having stuff 'just happen', things need less explaination when they are witnessed by incidental cameras rather than framed in a traditional narrative. However, this film does feel like it's a little late to the party.
Anyway, the first and last are the best efforts, the middle three feeling a bit like filler, although all entertaining enough.
There ya go.