This series exists in The Sandman universe
Spacificly, during the period in time (most of the 20th century) when The Dream of the Endless is trapped in a bubble. Without Dream in control of the Land Of Dream, Freddy is able to move, in a limited way, between the dream world and the real world.
A Lucid Dreamer would be able to kill people using Freddy, without any ditection.
Think about it! If you were able to control your dreams, you would be able to control Freddy and who he kills. Is someone doing this already? Is it Wes Craven?