It's a mini kart
I recognise those tyres as being the sort used on racing karts (popularly but erroneously known as 'go-karts', which are the pedal-powered versions). In fact, 'all' he's done is use the beer crate as a seat and strap it to a small, tubular chassis, much like a kart. Still looks wicked fun though.
It's hardly surprising he broke the speed limit too. Some of the single-gear racing versions used at British and European Championship level can break 100mph on a 100cc, single-cylinder engine. Karts with 250cc engines and gears can hit 160mph...