This is Capy Fine Racing GP, from Psychonauts and The Cave developers Double Fine, and the people behind Superbrothers: Sword & Sworcery EP, Capybara Games. It will be released at PAX East on floppy discs.
Yes, floppy discs.
"The game will be released on the 3.5-inch floppies that come inside the Capy and Double Fine limited edition boxed bundle, aka the retail version of the Steam bundle that we just launched which includes both studios' Steam games," Nathan Vella, Capybara Games' co-founder, told Edge. "We only made 200 boxes, and even then some of the floppies might not work, but the people who buy them will be allowed and encouraged to share the game."
Capy Fine Racing GP is gonna be a third-person racer in the vein of Sega's 1986 arcade game OutRun, starring characters from both developers' games. Vella also added that it was only intended to be a fun extra, and not an actual game. "It's just something we did for pure fun and loving the idea of doing cool shit with our friends... while it's totally a real game, it's also not at all a real game."