Hammer Films, famous for producing 'The Curse of the Werewolf', 'Dracula' and 'The Brides of Dracula', teamed up with MySpace to create the film specifically for the internet.
'Beyond the Rave' is MySpaceTV's first UK co-production and will broadcast in spring 2008 as 20 "webisodes", before being released as a full length DVD, and being available for download.
Ben Grass and Tom Grass from Pure Grass Films, creators of 'When Evil Calls', will produce the film.
The British cast includes Jamie Dornan ('Marie Antoinette'), Nora-Jane Noone ('The Magdalene Sisters'), Tamer Hassan ('The Football Factory', 'Eastern Promises') and Sadie Frost ('Dracula', 'Shopping').
The film promises to deliver all the ingredients of a Hammer classic, including vampires, blood, death and suspense, but made for a 21st century audience.
Simon Oakes, chairman and chief executive of Hammer Film Productions, said: "This is a bold venture creating horror for the 21st century through a variety of technologies.
"When Hammer Films first started it was an innovative production company and this new venture marks the beginning of a journey to recalibrate the DNA of Hammer Films for a new audience."
James Fabricant, director of entertainment and head of video for MySpace Europe, said: "This partnership demonstrates the power of MySpace and how traditional media is being turned on its head."
Hammer Films launched in 1934 and went on to produce more than 150 movies over the next four decades.
In May this year, Dutch media tycoon and 'Big Brother' creator John de Mol bought the Hammer Horror Group through his production company, Cyrte Investments.