Ok, it looks like there are only two, so not exactly a meme, but given what's been done so far, I'm still holding out hope. I'm totally ready for E.T.'s transition to awesome.
I finally found a bit of an explanation here. Don't be afraid of the "Rated R" beginning. There's some blood but nothing I would characterize as NSFW (definitely too scary for kids though, fyi).
ADDING: For the record, the source URLS:
