It's not fake. You see, it will take YEARS to cut-and-paste those sprites, and several more years to perfect it. I think the timer was like that due to overload of killing so many enemies and such, leading to massive slowdown in the game (happened to me once). Remember, this game is over a decade old. Also, I watched this several times, and after observing it ever-so-closely, it is definately real. Besides, why would this person make a fake video? I assure you that every single stunt and move in this video is possible to execute in the game. This guy really has no reason to fake this.
This just shows that some Japanese gamers lock themselves in their rooms and spend years on end perfecting their skills, only recieving food and new games under their door. *watches it again*