No idea if this is a re release of the Paramount DVD, but if not..
http://www.tvshowsondvd.com/news/Alvin-DVDs-BDs-Announced/20503
I don't even know what to say; this news is too darn awesome. I doubt it's a re release though; it's really hard to contain my excitement right now.. it's only 74 minutes (as of now), but still... this could be the start of more DVD releases. :D