http://www.screwattack.com/

Shaq-Fu gets its due. Starts at 0:40.

It's hard to tell, though I'm certain that it's not on the Sound in Action soundtrack or the Prime one. It sounds like something from a Super Smash Bros. game, but I never had a chance to listen to either Smash Bros. soundtracks. Orchestral Game Music Concert Live Vol.4 is another possibility, but I believe that one had a darker feel to it.

It's also not part of Smashing Live!, nor is it from Orchestral Game Music Concert Live Vol. 4 (Lackadaisical is right; that one is darker). My best guess would be a VG Mix or OC Remix version, but I'm honestly not sure. I don't think it's from any official release.

http://gh.ffshrine.org/soundtracks/2683
Number 11, 2:13

Thanks!!