KING KONG opens. Directed by Peter Jackson. Screenplay by Jackson, Philippa Boyens and Fran Walsh. Based on King Kong by Merian C. Cooper and Edgar Wallace. Mega-budget, CGI-ed to the gills, period faithful second remake of 1933 original cranks up the shock and awe but indulgently outstays its welcome by a good half hour. Naomi Watts channels Fay Wray opposite Jack Black & Adrien Brody.