Ubisoft announces Bloody Good Time, a Source-engine multiplayer shooter in development at Outerlight based on a new IP for release on Steam and Xbox 360 this fall. Here are some Bloody Good Time screenshots, and a Bloody Good Time Website is available, but this is just a holding page for now, though they are accepting newsletter signups. Here's word:

Bloody Good Time takes a new and irreverent approach to multiplayer shooters and will run on Valve’s Source engine, a well-known specialized 3D game engine for classic multiplayer shooters. Bloody Good Time puts players on a Hollywood set, where they get to choose their thrill. From a spring-break beach house, to a horrifying Vegas hotel, players will discover the merciless world of movie studios where anyone can star in a scary Hollywood blockbuster film. There is an option link up to eight players online in this first-person shooter and to have a multiplayer experience like no other.

In Bloody Good Time, players can be as devious as possible by killing other competitors in nasty and unexpected ways. Players can use an arsenal of wacky weapons including guns, a frying pan and even an exploding remote-controlled rat to transform the movie set into real mayhem. In addition, players will be able to choose from a variety of stereotypical B-movie characters, such as the bikini beach babe, the creepy clown and the super jock.