Semih Tareen send me a link to a short film he has made, entitled Giallo and dedicated to Mario Bava. It's got the colours; the music; a woman in peril with Edwige Fenech-style eye make-up; and even throws in a Bergmanesque allusion that I'm sure Argento would appreciate, as the killer and his victim play chess before he dispatches her. I also liked the branches that brush against the outside window, presumably done Bava-style by having a couple of guys waggling them as appropriate.
Check it out here: http://www.youtube.com/watch?v=g0nCfEWxDIs
Also be sure to look at the other links on the page – some trailers, an interview with Mariano Baino and more.