Titanic 2 is one of those jokes that everyone has made at sometime over the past decade. It’s the one sequel no one expects will ever be made. There was even a great mock trailer produced four or five years ago. The Asylum, the direct-to-dvd production company responsible for producing cheap knock-offs of the latest big budget Hollywood movies (termed “Knockbusters) has just finished production on Titanic 2.

On the 100th anniversary of the original voyage, a modern luxury liner christened “Titanic 2,” follows the path of its namesake. But when a tsunami hurls an ice berg into the new ship’s path, the passengers and crew must fight to avoid a similar fate.

For those of you not following along, The Asylum’s past titles include: The Terminators, Street Racer , Sunday School Musical , Transmorphers, Transmorphers 2: Fall of Man, Snakes on a Train, I Am Omega, Da Vinci Treasure, Temple of the Skulls, HG Wells’ War of the Worlds, AVH: Alien vs. Hunter, Monster (the Cloverfield rip) and Pirates of Treasure Island. Hit the jump to watch the trailer.

Written/Directed by Shane Van Dyke, TITANIC 2 stars Bruce Davison, Brooke Burns, Shane Van Dyke, and Marie Westbrook and will be released on DVD on August 24, 2010.