Here's a 13 page article that explains what is happening. Briefly: Most microprocessors today run at somewhere between 2 and 3 GHz. By supercooling the processor with liquid nitrogen, they were able to roughly double its clock speed (and therefore its processing power). The only thing keeping mainstream chip manufacturers from increasing clock speed is the fact that, right now, a chip running that fast generates too much heat.
This article explains what happened. The show was being held in an arena that normally houses a hockey/skating rink. The truck broke through the concrete slab and ruptured one of the pipes that freezes the ice for the rink.
These trucks are amazing - like any race car they have big engines, but the thing that makes them unique are the shock absorber systems. This article talks about the science of Baja trucks.
There are a lot of videos like these on YouTube that show supercooled water. Here is what is happening. If you take very "clean" water (water with very few impurities, like bottled water) and have it inside a very "clean" container (like a plastic water bottle), and you lower its temperature slightly below freezing (like -6 or -7 degrees C), the water will sometimes supercool: It stays liquid even though it is below the freezing point. When you bump the water, a seed crystal forms and then the whole thing freezes in just a few seconds.
If it is -6 or -7 degrees C one night, you might try leaving several bottles of bottled water outside. Some of the bottles will freeze on their own, but normally a few will supercool and stay liquid.
OK, it's not really silly putty... but it is a putty-like substance:
So what is REAL silly putty like? According to this page, "During World War II, while looking for a cheap substitute for rubber, an engineer for General Electric, James Wright, accidentally developed Silly Putty®, now a famous toy.* Silly Putty is an organosiloxane polymer made from silicone oil and boric acid. Unlike home-made "play putty" it will not dry out, because it's not water based. Silly Putty has flexible molecules that, when 'smooshed' by fingers, slide over each other and cause the material to flow." See the page for lots more information and a second play putty recipe.