Here's a similar story from a couple months ago:
http://www.theregister.co.uk/2007/06...ube_boy_racer/
Like Firehawk1120 said, from a legal standpoint, this is very interesting. Although I doubt a video like this, by itself, would be enough to convict anyone. There has to be more to it.
What worries me most about these clips is the thought of some 18 year old douchebag doing 140 while fumbling with his cell phone camera.