Little information on the actual story has been released, with conflicting rumors based on the numerous screenplay drafts written by several writers circulating among Indy fans for over a decade. Frank Darabont's early screenplay received the most press attention, as it was the first time a real push was made by a prominent screenwriter to put together a script for Indiana Jones 4 in 2003. Rumors involving Darabont's screenplay included tidbits such as the story taking place in the 1950s, taking the Nazis out of the film series, and re-uniting Indy's girlfriends from all three previous films.[1] However, all these rumors were cast into doubt in 2005 when this screenplay was rejected outright, and Jeff Nathanson was brought in to help George Lucas write an entirely new story for the film, which has since been approved by Lucas, Steven Spielberg, and Harrison Ford. Long-time Indiana Jones producer Kathleen Kennedy has recently commented that Nathanson's story takes place in the 1940s, but revealed no other information.
The Grumpy Celt said:The comments Lukas made a very vauge. I mean, what does he mean by that comment about Phantom.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.