This is one of the new 60 FPS videos available on YouTube. You can only view it at 60 FPS on Google Chrome for now, but it's definitely worth the view. In other browsers it's still available of course, but it'll be capped at the old 30 FPS.
This was recorded while playing on the PS2 Emulator PCSX2 (1.3.0). Burnout 3 is one of the best (and also one of my favorite) games in the Burnout series and was available on PS2 and the original XBOX.