It's called the Kawashima Celica, and it represents the ideal of Japanese car modification... apparently. According to the owner/creator:
"As for the look, there’s three main points of the way modified cars should look (in Japan), and that’s onikyan (cambered wheels), tsuraichi (tyres just barely inside the guards) and hippari (stretched tyres). I wanted to make a car that took all of those things to the furthest point I’ve ever seen them done."
It's not quite finished – the fenders are made of cardboard and duct tape – but it can drive, somehow.