Yes, this is in fact rare footage of a young Stephen Colbert (or, should we say, "Steve" Colbert?) as a special correspondent for ABC's Good Morning America in the 90's. It's not satire by any means, as Colbert is reporting on college students who created intricate Rube Goldberg machines, but one can still see the comedian within pop out every now and then - especially at the part when a student royally screws up the demonstration of his machine. Once again, thank you, Internet.
You can check out the video above.