Boom - four-minute speedrun. But this particular technique was only possible with the Wii Virtual Console version of Ocarina of Time, thanks to a bug in how the system's N64 emulation works.
Ocarina of Time randomizer by ZFG. You can now register to attend the event on the Games Done Quick website. Awesome Games Done Quick is a speedrun event that helps raise money for charity.
A well-known Nintendo insider has teased news coming this winter involving The Legend of Zelda: Ocarina of Time.