This is either fake or made by a really low-budget company (Uwe Boll, perhaps?). If it is fake, I have to applaud IGN for putting that much effort into making the trailer.
If you look closely at the credits, IGN is listed in there along with some production company I didn't recognize.
EDIT:
I just came across this:
http://www.rainfallfilms.com/Looks like the movie might be real, but it is being made on an "economical" budget, whatever that means.