Ratrodding is a genre of the hotrod scene, where the cars in question are usually made to look unfinished and rusty, with peeling paint and undercoat showing through. Most of the time, the cars favoured are old Hudsons, Roadsters, and so forth. You know what I’m talkin’ about; the usual hotrod.
I haven’t been able to find any info about the car, but some of the guys on the Toyota3TC forum mentioned that it’s packing around 300hp (looks like there’s a 2JZ or 1JZ in there), and that the owner is known for these sorts of projects. Hopefully he or she will come forward!