Knoxville native Philip John Clapp, aka Johnny Knoxville, has a new movie that is a ground breaking (and potentially game changing) experiment by a movie studio to bypass theater release and go straight to the Web.

The third “Jackass” movie, Jackass 2.5, will be available online first. Here are the key dates:

• Dec. 19: A week of downloads exclusively through Blockbuster.
• Dec. 26: The DVD, and downloads-to-own from movielink.com, iTunes, Amazon.com, others on Dec 26, with exclusive DVD rental distribution through Blockbuster.
• Jan 1: Download-to-rent release on movielink.

Terry Morrow has the details. Silcon Alley’s Henry Blodget says the losers are the movie chains.

Paramount can begin to cut theaters out of the distribution chain, it will have more ability to release movies on all platforms at once (or in whatever order makes the most economic sense).

Wonder how this strikes that other Knoxville resident, Regal Entertainment Group?