This stuff is, and I do not use the word lightly, awesome. Another case of the low quality of the original videos (in a pixelly sense) just adding to the beauty of the end result when this bloke's got his hands on them. No famous people, no expensive recording studios, just lots and lots of enthusiasm and devotion.
And I particularly love this one:
Watch all of them over at Thru You.
Did we all know, by the way, that if you put 'pwn' after the 'www.' bit but before the 'youtube' bit of any youtube video, it takes you to a site where you can download the video of your choice as either an flv or mp4 file? Sadly this came just after Youtube decided to take down most of its music videos, but still, handy to know.
UPDATE: Wooo, I found this before Boing Boing!