Xbox Gaming in South Africa

After giving us our first look with the debut trailer yesterday, Rockstar Games has officially announced Grand Theft Auto V, promising a "bold new direction in open-world freedom, storytelling, mission-based gameplay and online multiplayer".

"Grand Theft Auto V is another radical reinvention of the Grand Theft Auto universe," said Sam Houser, Founder of Rockstar Games. "We are incredibly excited to share our new vision with our fans."

GTA V will take place in the re-imagined, present-day Southern Californian city of Los Santos and its "surrounding hills, countryside and beaches," as gamers pursue the one thing that every sane person is after in a recession: money.

No word on when GTA V will be hitting the streets, but if we're lucky, we could see it around the same time as GTA IV on the gaming calendar (April/May), although it could be out as late as Holiday 2012.

If you haven't yet, check out the first GTA V trailer below:

Psst. Click the HQ button to make it BIGGER!