Kramer says he spent a year remastering the old analog tapes, using state-of-the-art digital technology to clean up the sound.

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Thought Equity Motion started digitally remastering men's and women's NCAA tournament games about five years ago, spending hundreds of thousands of dollars in the process, all the while trying to figure what would get people interested in watching the old content.

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While we still don't know the release date, price or if it will contain the changes made in the 2002 edition of the flick, Universal posted a trailer for the Blu-ray (embedded after the break, note that at 0:25 seconds the FBI agents are holding guns, so it appears to be the original) that confirmed a digital remastering from the 35MM film, 7.1 surround sound and "hours of bonus features".

ENGADGET: E.T.: The Extra-Terrestrial Blu-ray trailer and box art pop up online (video)