You could tell things weren't going to be good in that video when he almost crashed around the 1:07 marker. Plus it has the "real" GT theme which rocks.
It means kinda like "Uh-oh..." or "This is not good..."
As for my tag, it was just a quote from the front of the first issue of Famitsu. It said "Whoaaaa! Exciting!!!," basically. I'm not using it here at the moment because I can't figure out how to get it to display properly...