Here's the video:
http://www.youtube.com/watch?v=PIvZJ9xGutI
It's a OC MPMM Magnet Motor (Over-confident Magnetic Perpetual Motion Machine).
The video is a bit short on details, but full construction and documentation can be found:
http://peswiki.com/index.php/Directory:OC_MPMM_Magnet_Motor
and
http://www.steorn.com/forum/comments.php?DiscussionID=59687
You decide if it's real or not...
Oh, here's a simlar concept made from Lego:
http://youtube.com/watch?v=wcy0tedYBMg