Well I think the video kind of proves that it is surly possible. As you can see keeping control of the vehicle is key to accomplishing your goal. If you lose control even for a second you are doomed. I like the idea of using the air tires. That would help keep you afloat, and keep water from building up in the tires. Using a front slid would be a must to keep the nose from diving into the water on deceleration. Not sure that you would get as good of and accleration as the boat, but you could make a good showing for sure. The feet is possible, but beating the boat I believe is unrealistic. I would surly get your setup where you think it needs to be and make some test runs of your own just to see if you can handle the task at hand. Placing some kind of floatation into your setup would be most recommended so that your vehicle does not go submarine on you. That would not be too funny from an owner perspective

, but would make a very funny video for guys like us to watch

.