I don't know what the bike is, but the car is no less than a BMW E30 with a Skyline GT-R RB26 swap doing a wicked burnout while being jumped. It's the kind of mad collision of disparately awesome factors that make life worth living and Baseketball such a surprisingly funny movie.
There's a very long build thread documenting the entire project, but here's a summary of the 167 pages: 1985 BMW 325 + RB26 out of a Skyline GT-R = the BMW 326rb.
The color isn't exactly to my taste, but anyone who puts that much work into taking a Skyline mill and dropping it into an E30 with such careful craftsmanship can paint it radioactive yellow-on-black with a bright pink engine if they want to. Which is what they did.
And now to the jump!
(Thanks to Chris for the tip, Ian Kley for the image!)