My god yes this does bring back memories of when I was 7 and playing the game. Literally. This tune really fits the bill for creepy until the drums came along anyways. Still creepy though.
The piano kind of brings about desperation and fear in this piece I do believe. The bass line sounds very wet and could possibly make you wet yourself when the cerberus dogs come after you trying to eat your flesh.
Overall, highly creepy, good time. :-)