It's a BMW E30 M3 on the outside, with a 4.0-liter, 1190-horsepower BMW M5 engine (likely a S38 out of an E34, but it's not clear) on the inside. According to Thomas Kuurne, the car's owner and the man who built the wild creation, the power comes from a "rebuilt BMW M5 engine and a turbocharger which is (the) size of a bucket." Judging by the noise, the flames, and the lack of traction, "bucket" must be a poor translation from the Finnish word for "barrel."
The car was torn apart and rebuilt from the ground up using all-new parts, and is fitted with a roll cage, upgraded brakes (thank god), and an upgraded transmission. Kuurne says that the car is "practically complete," with only the interior to finish. Kuurne claims that the car can go from 0-60 mph in 2.3 seconds, and has a top speed of 205 mph.
The car was entered into a competition on the Finnish YouTube program (Tuner), where tuners could have their cars driven around a circuit by ex-F1 driver Mika Salo, and then have the chance to drive their cars themselves in an effort to beat Salo's time. Given the oversteer that can be seen, and judging by Salo's hand gestures, it looks like more than a handful.