In the spirit of that familiar adage, everything old is new again, MTV is bringing back its favorite hidden-camera prank show, "Punk'd," along with its mastermind/ executive producer Ashton Kutcher ... and a new batch of soon-to-be embarrassed celebrities.

Viewers will be treated to an exclusive first look at a clip from an all-new season of the series — which will return to the network in 2012 — during MTV's annual New Year's Eve party, set to air Saturday, December 31, at 11 p.m. ET, live from MTV's Times Square studio. "NYE in NYC 2012" will be hosted by Demi Lovato and Tyler Posey of MTV's hit series "Teen Wolf." Performers include Selena Gomez, J. Cole, Jason Derulo and Mac Miller as well as Lovato.

"Punk'd" aired on MTV from 2003 to 2007 and featured A-list stars (Beyoncé, Britney Spears, Zac Efron, Lindsay Lohan, Jessica Alba to name a few) getting pranked by Kutcher, Dax Shepard and crew. One of the most famous episodes was the premiere, in which Shepard and Kutcher's target was Justin Timberlake. They convinced JT that he owed thousands of dollars in back taxes before claiming a bunch of his prized possessions as payment. That moment lives on as Time magazine's #3 most Epic Moment in Reality TV History.

Rumors have been swirling about new hosts and new celebrity victims, which will all be put to rest when MTV presents the first look at footage of the new season on "NYE in NYC 2012" at 11 p.m. ET on New Year's Eve.