"H.P. Lovecraft, the well-known horror writer, is looking in the late thirties after the book 'Necronomicon'. He finds it guarded by monks in an old library. He then copies some stories from it, which unfold for our eyes- and his..." via IMDB
There are three tales here and they're directed by three different directors: Christophe Gans (Brotherhood of the Wolf, Silent Hill), Shûsuke Kaneko (Gamera, Death Note) and Brian Yuzna (Society, Bride of Re-Animator, Return of the Living Dead III, Beyond Re-Animator). They're all pretty decent and darkly humorous 80s style "slime gore" type clips. Other than the mispronunciation of "Cthulhu" in Gans' segment it's still worthy of a blu-ray release. Doesn't seem like that'll be happening anytime soon.