As a hardcore rally fan, I can tell you that you see some crazy stuff all the time. Though that is a good one! The video must have been shot from a static camera mounted somewhere (possibly on a horizontal beam as the car appears to pass below it)...
The scariest near-miss I've seen has to when Tommi Makinen crashed his Subaru in Argentina in 2002. There's video of it here - the car hits some sort of small ditch while going flat-out and the tire digs in, sending the car into a furious barrel-roll, and it gets completely airborn at one point, sailing directly over a spectator's head. (I assume he was a photographer or at least a marshal, as he was all by himself in a potentially dangerous area.) Amazing stuff. No word on if he took a photo as the car flew over his head!
IMHO, once you get used to watching rallying, just about every other type of racing seems a bit dull. (Love my STI!) The WRC guys are the best drivers in the world, period.