Yes, Paramount Pictures is really making The Ring 3, and they've hired F. Javier Gutiérrez to direct it. This is the same director who is also going to direct The Crow reboot.
I was just talking about The Ring the other day with some friends about how freakin' scary that movie was when it first came out. I still remember how terrified I was when that creepy little girl crawled out of the TV. It was a really well made horror movie, and the first two films were directed by Pirates of the Caribbean helmer Gore Verbinski. Those movies were based on the original Japanese Ringu films.
Naomi Watts played a woman who finds herself in the fight for her and her son's life after they watch a cursed video tape. I didn't think they would ever make a third one, but it's coming. There's no word on if Watts will come back to reprise her role, but it would be kind of cool if she did.
I've enjoyed the the franchise so far, so I'm actually a little excited that a third one is being made.