Little Erin Merryweather(2003)

Overview:

Once upon a time, death preyed upon a New England college campus. Rumors swirl that "if you see a flash of red, you're dead!" Local golden boy, Peter Bloom (David Morwick) investigates the grisly killings until the stakes grow higher and the body count mounts. Suddenly, Peter's search becomes a fight for survival in a fairy tale world full of nightmares.