It's mainly a drag car I believe, hence the lack of filters on the turbos. I'm not sure though, looks pretty street-legal. There are a number of clips of drag runs of this car also. The owner is Chris Chow I believe. It's got a twin turbo small-block V-8. I wonder what it is actually putting out since I'm sure the tire smoking takes away some of the power. Aren't most dynos capped at about 1500 or so HP? Seems he'd be pretty close to pegging that thing.
edit: Seems if you go to the homepage of where that vid file is you can find more clips.
http://www.fasttrackperformance.com/ Just click on Videos and there are a few others there.