While the editing and camera work leaves somethig to be desired, I think it's a nice first try. I used to make videos for a living, it's not the easiest thing in the world to get right. A couple of suggestions...
-Try to not stay on one shot too long, especially with the techno music.
-Try to make the cut to a new shot with the beat or when there is the sound effect like the "pow!" or a cymbal crash.
-Try doing some effect on the still pictures you have in there. That way you can leave them on a little longer but still keep interest. LIke doing a negative or colorized version cut in and out and maybe some transitional stuff like a fly in or spin-out.
-Have a buddy shoot your car going through a corner and going down a straight from outside the car, then cut that in with the in-car stuff to make it look like you have a camera inside and outside the car that you are cutting between.
-Try to do something to hold the camera still while it's inside the car and you are driving(strap it down on a tripod with the seatbelts or something).
-The handheld part where you are approaching the front of the car was very good(MTV-ish even!), but you stayed on that too long when you went to the back wheel. Try doing another hand-held aproaching the back of the car and cut it in after your done with the front part.
-If you're feeling bold hold the camera out the window and aim it down the side of the car so you can get a shot of the road passing by and the front wheel spinning. Obviously have a friend hold the camera while you focus on driving, or vice-versa.
Making videos can be a lot of fun, especially now that computers and good editing software are available for a fair price.
