This is apparently a remake of a classic slasher flick. I've not seen the original so can't say how far it deviates from that.
Anyway basic story is this, it's Christmas and a group of young college girls are spending Christmas in their fraternity house. Rather unfortunately for them this house was once home to Billy Lenz who killed his family on Christmas. They weren't that nice to him though so that's alright, he was born with some rare liver disease that made him yellow. So his mother kept him in the attic, naturally.
Anyway come Christmas time Billy is looking to go home for Christmas and one by one the young girls in the frat house start to disappear.
That really is all there is to it. It's a by the number horror film for the most part with the killer in the walls of the house. Its only slightly interesting feature is the fact that it tells the story of Billy and how he got to the point of killing off most of his family in parallel with the present day killing at the now frat house.
The ending is predictable, at points I hoped it was going to do something different and interesting but it didn't. Performance wise, it's ok I suppose most of the girls seem able to run while screaming, what more do you need. Better than the rest of the saccharine Hollywood Christmas crap I suppose.