Thanks to high school English class, just about everybody has read the F. Scott Fitzgerald classic ‘The Great Gatsby.’

In 1974, the book was adapted into a movie starring Robert Redford and Mia Farrow, and now ‘Moulin Rogue’ director Baz Luhrmann is taking a crack at the early 20th century tale of reinvention with Leonardo Dicaprio in the title role.

‘The Great Gatsby’ is schedule for a Christmas 2012 release, and its first trailer just hit the internet. Check it out.

Yes, you really are hearing the Jay-Z and Kanye West collaboration ‘No Church in the Wild’ as the trailer opens. (Jack White offers a bluesy cover of U2′s ‘Love is Blindness’ in the second half of the trailer.) Though anyone familiar with ‘Moulin Rouge’ and ‘Romeo + Juliet’ shouldn’t be surprised that Luhrmann would put contemporary music in a less than contemporary setting.

The flashy director’s other hallmarks, such as a vibrant colors and elaborate dance routines, are also present in the trailer, which gets surprisingly intense as it goes on.

In the movie Carey Mulligan plays Daisy Buchanan, the delicate object of Gatsby’s obsession, and Tobey Maguire is the narrator from the Midwest (and Fitzgerald stand-in) Nick Carraway.

Adapting a movie from a book that everybody knows — and that has been done before — is a tricky proposition. But it looks like Lurhmann and company are putting their own spin on the classic tale. Does the trailer make you want to see the film? Or will you just stick to the Cliff Notes?