Aside from being quite lame, showing off is the absolute worst thing you can do when you don't have complete control over your vehicle.
According to the video description, before this accident took place, a Pontiac GTO power-slid its way out of the car meet and into traffic, though without incident. The driver of this red Ford Mustang was however nowhere near as lucky.
Also, it used to be "welcome to your Kodak moment" but now it's "welcome to your viral video moment" and aside from getting his car all banged up, this guy's ego can't be doing that much better.
The worst part is he hit a stationary vehicle who was just waiting to make a left turn, which in turn could have wiped out another car who was passing by. Luckily though, nobody was hurt and both drivers will live to tell the tale, from two very different perspectives, obviously.
Judging by the way he completely lost control of the rear, it's safe to say drifting plus any and all similar activities aren't this guy's specialty.