Warner Bros. is keeping the party going.

What happens when a movie that cost about five bucks to produce takes in over $21 million at the box office over its opening weekend?

That movie gets a sequel, of course -- and the second phase of "Project X" has already commenced with deployment, according to The Hollywood Reporter. 

"Project X," which at least one publication described as "'Girls Gone Wild' meets 'Black Hawk Down,'" follows three high school losers as they plan to throw the party to end all parties in order to get girls and become cooler. Their shindig turns into an epic maelstrom that achieves almost supernatural levels of debauchery, the likes of which that would make even Dionysus himself blush with pride, envy and embarrassment.

Michael Bacall, who wrote the story for "Project X" and co-wrote the screenplay with Matt Drake, is writing a treatment for the sequel. No word on whether the three lead actors (Thomas Mann, Oliver Cooper and Jonathan Brown) will be reprising their roles as the bacchanal masterminds, though we don't see why that wouldn't be the case.

The premise for the sequel is also unknown, but we have a feeling it might involve the next logical step: a college party to end all college parties. Oh dear.

Bacall is the hot writer of the moment, as he also had a hand in the script for "21 Jump Street," which opens March 16. Meanwhile, Warner Bros. would do well to lock the thespian trio of "Project X" into sequel contracts now unless they want another "Hangover" situation on their hands when it comes time to talk salaries. Hey, college tuition is expensive, after all.