This is about as weird and meta (and awesome) as it gets.
Not only is Chris Zaharia playing Mario 64 using the Oculus Rift, which is cool in and of itself, he is playing the game whilst dressed up as Mario. That's sort of hilarious. http://www.neogaf.com/forum/showthread.php?t=912149 But perhaps the most interesting part of the above video is the fact that he's managed to get hand tracking working with Leap Motion. It's not perfect, but it's about as good as I can imagine something like this being. Mario 64 is a very, very old game.
That being said, I don't think you could pay me to play this for an extended amount of time. It looks pretty difficult.