Exactly as the title says, this is a Spec Miata crash from Mid-Ohio Sports Car Course. The man involved, Joe Huston, autocrosses with my wife and I in his yellow 944 with purple flames, so you may have seen him in other videos I've posted. He ended up with stitches in his elbow, a sprained neck, and a really sore backside. The car does two full 360's before it lands again, though it's hard to tell from the video. The one lesson he wants everyone to learn from this is that taking a street car to track without proper safety equipment could be very dangerous and potentially fatal. He also said he would never go back out on track without a HANS device.
Some people have said it looks like he just jerks the wheel to get back on course, but I don't think Joe's that stupid. You can form your own opinion, though.
Spec Miata Crash