Today's sequel is IKWYDLS 3!
On July 4th, in the small Broken Ridge, Colorado, the teenagers Colby, his girlfriend Amber and their friends Zoe, Roger and PJ play a prank with the legend of the Fisherman that kills teenagers with dirty little secrets with his hook in an entertaining park. However, when PJ jumps with his skateboard, there is an unexpected accident and PJ dies. The group stays together and makes a covenant to keep their secret. One year later, Amber receives 50 messages in her cell-phone saying "I Know What You Did Last Summer" and she gathers her friends to find who might have told about their pact. They find that PJ's cousin Lance also knows what they did. Sooner they find that a dark man wearing slicker is chasing them with a hook to kill each one of them.
From Claudio Carvalho on IMDb
For the longest time I longed for a third I KNOW WHAT YOU DID LAST SUMMER movie, and in 2006 I finally got it -- albeit, without any of the original cast. Like URBAN LEGENDS: BLOODY MARY, this entry, I'LL ALWAYS KNOW, took the supernatural route. The movie didn't totally suck. In fact, it pays great homage to the original.