In 1977, Italian filmmaker Luigi Cozzi released a modified and colorized version to magnetic band and sensurround theaters in Italy. Originally, Cozzi planned to re-release the original 1954 Godzilla without the Raymond Burr scenes but was unable to secure the rights from Toho and instead was sold the Americanized version of the film. Since the film was in black and white, regional distributors in Italy refused to release the film. In order to release the film, Cozzi hired Armando Valcauda to colorize the whole film frame by frame via a process called "Spectrorama 70" consisting of applying various colored gels to the original black and white footage, becoming one of the first black and white movies to be colorized.

The new version of the movie was advertised as: "The greatest apocalypse in the history of cinema with the sonorous and visual wonder of Spectrorama 70." The film's content was re-edited, removing several scenes and adding lots of new ones and stock footage of graphic death and destruction (including a famous scene where Godzilla destroys a train),^[12] which made it 105 minutes long.

The film soundtrack was edited by Vince Tempera, Franco Bixio and Fabio Frizzi. In cinemas, the soundtrack was played in "Futursound", an 8-track magnetic tape sound system based on Sensurround, with a special effect that shook the seats each time that Godzilla took a step. Cozzi's film was a great success and received mixed to positive reviews, and some fans consider it superior to the 1956 American film. The poster appeared on the cover of Fangoria issue #1.

Most prints of the film were lost but some still exist. A bootleg version of the film was also released on some VHS tapes, but in poor quality compared to the theatrical version. As of 2012, the Cozzi colorized version (also known as Cozzilla by fans) has only been released in Italy, and later in Japan and Turkey.

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I even found a download for it (in subpar vhs quality, no less) if you (or anybody else interested) want a copy.