Yup I've heard of it. As thingie1234 said above, there are three in the series. Their full titles are:
The Cube
The Cube 2 - Hypercube
Cube Zero
That's also the order they were made also how I'd recommend watching them even though Cube Zero technically happens before the first cube movie. Many don't seem to like this movie because of the lack of variety in scenery (no kidding since almost all of the move takes place in identical looking rooms of different coloured lighting). However, I thought it was awesome and left me in suspense each time the characters enter a new room (which could mean further safety or instant death. You'll know what I mean if you watch the movie).
Cube 2 was kind of an oddball one though and totally different from the others. I didn't really like it as much because it had much less focus on the traps and suspense. Still though, being trapped in a geometrical shape that should not exist

...was rather neat in my opinion. I recommend all to watch it and judge for yourself.