It's a real movie. Originally, it was just a trailer for a fictitious film, but the degree of online response prompted the filmmakers to expand it into a feature film, which is due in 2011.
Who are the characters in Ghost Shark 2: Urban Jaws?
Mayor Jack Broody and Fake Shemp
What is the plot of Ghost Shark 2: Urban Jaws?
When Ghost Shark returns to terrorize Auckland, Mayor Broody calls in an expert ghost shark hunter to protect the citizens and finally defeat the creature.