Take a bunch of twentysomethings, stick 'em in an abandoned insane asylum overnight, fill their heads with scary stories, then film them freaking out with night vision cameras. Ghost-based killaaaaaaa!
YOU AUGHTA KNOW:
The show was cancelled after 14 episodes, not because of ratings, but because MTV was too cheap to want to shell out for the relatively high production costs. See, that's how you drive a decent network into the ground.