Pop's z06 dynoed 455 hp with nothing more than an exhaust and x-pipe. The car can get side ways up to 80 mph. A middle of the road cam, intake, tune, and a set of headers will have this car making the kind of hp reported in the thread and would be a tire shredding machine especially if that was on stock style tires.
Regarding the out of peak power band comment I assure you even a stock z06 would be very much in the meat of it's power band on the other end still pulling quite hard; pleanty so to put the car out of shape at the big end.
Looks to me like he just started spinning tires during the 2/3 shift. With a 7000rpm red line and 3.42 gears you don't shift into 4th until right around the 1000 mark