xhonzi said:
Are you suggesting that Phantom and Menace are both nouns? Or perhaps it's just poor grammar and the title is meant to be "The Phatom [is] Menace[ing]" or "The Phantom Menace[s]".
Theoretically, they could both be nouns with "menace" standing in simple apposition to "phantom." But that construction is very uncommon in English. More likely, "menace" is the noun and "phantom" is the adjective qualitatively modifying the noun.