It’s an AVI recorded with Action!. I definitely think the Action! codecs are proprietary and not very compatible with just about anything. I’m probably going to switch to Dxtory or something if I can’t figure this out. It baffles me that Sony Vegas can (somewhat) tolerate these videos but Handbrake can’t read them at all.
166 Mbps means “megabits per second”, or 21,248 KB/s. The file is 714 MB and 1:38 long, giving an average bitrate of 7,285 KB/s. The higher number represents the “current bitrate” of that spot in the video with lots of water particles moving around. I can’t open the video in Bitrate Viewer because “AvLib/FFMpeg Error: Codec not found.” Which is not surprising.