Now, how would one know this is Corpse Party? Take a close look at the trailer and you'll see a cute drawing of kids stabbing a dude repeatedly. Compare that picture to the article at horror game fansite, Chris' Survival Horror Quest, and YOU got yourself a confirmation! Although, when XSeed has pretty much been hinting at bringing over a horror game on the PSP, I mean, there can only be so few titles...so, yeah.
If YOU have a Japanese PSN account you can play the demo of the game, but the story is basically kids get stuck in their school and ...things start to happen.
No word on the release date, but YOU can out for this possibly before the end of the year.