The over & over is just the video looping. The tapping is an attempt to position the workpiece under the "drift" The pointy cone is a "drift" should be to enlar

The over & over is just the video looping. The tapping is an attempt to position the workpiece under the "drift" The pointy cone is a "drift" should be to enlarge a existing hole in a hot piece of metal by pushing the drift through it, in this case it looked to be on a hydraulic press (too slow a stroke for a powerhammer) The spraying wd40 ... some just want to watch the world burn ... more seriously, the soot,oil & paraffin will act as a lubricant and discourage the tool from getting stuck (or welded) in the piece, although I must confess I have never witnessed the particular technique demonstrated in this flamboyant demonstration. In general, I see a lot less flying fire in the shop than seen on the tubes. Edit to suggest why; Like a hammer, the tool he seems to be working on has a handle and just as you need a hole in a hammer head to stick the handle in this tool needs a hole for a handle and the clip could be an early step in that process.