The time warp is probably due to video compression. I know it sounds crazy, but WMV does some major compression, and if the pixels don’t change enough to warrant a change, the change in that area of the image may not be visible.
The flash happens as soon as the car crosses the white line, and the flash is coming from the top of a white pole across the street - not a glare from a car window.
Watch the people crossing the street. They stop as soon as that car races by, and at least one of the people is looking at the car as they continue to cross.
I’m going to say this is real, or VERY well faked. My money would be on it being real.