 There is more than one killer, and you can only find that out by watching the movie two or three times. The killer from the first kill actually is the guy who gets killed in the second kill. If you look closely, the guy who goes into the peep show to kill the guy in the peep show is the guy who gets murdered in the first kill. So Freakin is really playing with who is the murderer here, and the fact that they all wear the hat and glasses works perfectly because you can't really tell, unless you really look that it's a different guy almost each time.