EA has announced that Burnout 5 is now called Burnout Paradise. They sent along a new teaser trailer and some screen grabs from the trailer for you to check out.

Buckle up and prepare to unleash automotive anarchy in the ultimate burner’s paradise. Electronic Arts today announced that Burnout 5 is in development for the PlayStation 3 computer entertainment system and Xbox 360 video game system from Microsoft .

Burnout 5 gives players license to wreak havoc in Paradise City, the ultimate seamless racing battleground, with a massive infrastructure of traffic-heavy roads to abuse. Gone is the need to jump in and out of menus and aimlessly search for fun like many open world games; in Burnout 5, every inch of the world is built to deliver heart-stopping Burnout-style gameplay. Every intersection is a potential crash junction and every alleyway is an opportunity to rack up moving violations.

Of course, rules are made to be broken, and when gamers enter Paradise City, they’re assigned a Drivers License that quickly begins to amass a record of player’s most aggressive, reckless and destructive exploits behind the wheel. But it’s not the law that’s eyeing player’s progress … when gamers push things too hard they’ll be squaring off against the city’s most infamous burners, and these legends aren’t interested in who crosses the finish line first.

“Burnout 5 is a complete reinvention of the series, built from the ground up for the PlayStation 3 and Xbox 360,” said Alex Ward, director of game design at Criterion Games. “To create truly next-generation gameplay, we needed to create a truly next-generation game, from top to bottom.”

Burnout 5 also delivers the next level of speed and destruction, with brand new next-generation technology allowing gamers to literally rip their cars in half, in the most explosive pile-ups in the series’ history.

Burnout 5 will ship in 2007 under the EA brand and was developed by Criterion Games in Guildford, UK.