I must say that the 3:31 thing horrified me. Here's the grab http://imgur.com/t5g8w I first thought it might be old video being recorded over. But actual video cameras, even the mini DV format variety are somewhat of a rarity these days. They are still relatively popular in the prosumer market, but they are somewhat large with clunky manual controls. Even the tiny ones are relatively bulky when compared to their modern-day HD/SD counterparts. The majority of people filming extreme sports, especially ones requiring a helmet - use compact SD digital recorders like the Contour or Hero brands. Many of these types of cameras come with helmet mounting kits, etc.

Of course it is possible that the videographger had a cassete-based video recorder rigged to his helmet, especially if this recording is 10+ years old.

However, I'm going with the following postulation: The skydiver was videoing the incident with a modern Hero style helmet cam. Mid-flight demonic interference caused the mishap and amidst the terror; the demon imprinted a microscopic snip of his last conquest onto the video media. This of course, is a transe-like teenage girl with an affinity for waffles being quickly overtaken by a manaical white-eyed demon. All while creepy church organs reach a heart-stopping crescendo.

Terrifying and creepy.