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Now that Twentieth Century Fox's rereleased Star Wars has competitors running scared, are other studios planning to capitalize on their own vaults? The usual suspects -- Steven Spielberg's Close Encounters of the Third Kind and E.T. the Extra-Terrestrial -- have already been reissued in theaters, in 1980 and 1985, respectively. Universal reps say there are no plans to revive E.T., and Sony execs are not talking about rereleasing Close Encounters again. There are, however, some likely suspects. Given the resurgence of '70s nostalgia, Saturday Night Fever, celebrating its 20th anniversary, seems a natural. Grease also makes sense, as does Raiders of the Lost Ark.
There are plenty of other golden oldies slated for theatrical rerelease this year, including Disney's 1989 The Little Mermaid next Thanksgiving. But most industry experts don't expect any other rereleases to have the main-event allure of Lucas' trilogy (The Empire Strikes Back strikes Feb. 21 and Return of the Jedi returns March 7). ''Star Wars was uniquely skewed to repeat business from the minute it opened,'' explains John Krier of Exhibitor Relations. ''I'm sure there are producers right now looking to strike the same response with older pictures, but I don't think even E.T. has that kind of enduring appeal.''
This spring, however, five more films will try their luck with current moviegoers -- all planned before Star Wars hit it big again. You can bet studio execs are vying to take credit for prescience.
* THE GODFATHER WHERE IT'LL PLAY: 40 cities, starting March 21. WHY NOW? 25th anniversary. WHAT'S NEW? Only remixed sound. WILL PEOPLE GO? Nobody at Paramount will comment, but the studio's hoping that if Lucas could resurrect interstellar gangster Jabba the Hutt, Francis Coppola can breathe new life into Corleone the Don.
* THE GRADUATE WHERE IT'LL PLAY: 50 major cities, starting with New York and San Francisco Feb. 14. WHY NOW? 30th anniversary. WHAT'S NEW? Technically, nothing. But for those who've seen it only on TV, there are wide-screen images that put uptight Benjamin Braddock (Dustin Hoffman) in lonely corners. Listen for Ben's exclamation when Mrs. Robinson (Anne Bancroft) strips: Not ''Dear God...Oh, my God!'' as on most TV airings, but ''Jesus Christ!...Oh, my Christ!'' WATCH FOR: Then-unknowns Mike Farrell (M*A*S*H) and Richard Dreyfuss (Mr. Holland's Opus) in bit parts. ''I can't believe there's anybody left who hasn't seen it,'' says Buck Henry, who cowrote the script.
* DAS BOOT WHERE IT'LL PLAY: New York and L.A., starting April 4, then 24 more cities. WHY NOW? Director Wolfgang Petersen (Outbreak), who just wrapped Air Force One for Columbia Pictures (with Harrison Ford and Glenn Close), always thought his tale of a German World War II submarine crew felt truncated at 2 1/2 hours (the original 1981 theatrical cut) but bloated at 5 hours (the 1984 European-TV edition). So Sony dredged up the bucks to reedit what he calls ''an ideal version'' of 3 1/2 hours, and spruce up the sound. WHAT'S NEW? Besides the extra footage, the soundtrack has been remixed (same old subtitles, though). ''It's a new experience,'' says Petersen. ''It's a different movie.''
