It has a Black Sabbath or Metallica approach to composition, with several different riffs butted together. It has several one bar sections as transitions between verses as well..... and of course the 3000+BHP engine sounds are not your usual song ingredient, so it doesn't conform to a typical song structure.
The video itself looks like end credits. Blue tinged cartoon drag car illustrations fade in and out and have scrolling text over them. They aren't credits though, but bits of info and comments about the car, drag racing, the crew, the sound effects and music production. Mostly tongue in cheek.
The music was recorded and produced in the DAW Reaper with real guitar and bass, ezdrummer for the drums and Mastered using Ozone 5.