The guy was completely unprofessional, and panicked.
Traction Technique:
The initial skid was great, very poignant. By the time he reached the sand, he had shaved off enough speed to simply clutch, gas off, and brake off to regain traction, and make the turn.
Drift technique:
He would have spun the ass around, and taken off the cliff backwards. Something that safety systems aren't designed for. That is the mistake I See most professionals taking. Locking up brakes to shave speed, then gassing it to see if he powerslide the turn. This would not have worked.
Overall: Here we can see some misconceptions, and some classic truths about the Viper. If you drive a Viper, and compare it to your suspension tuned Honda, you may say that "Hey, the Viper, while being somewhat ass-crazy, handles like a champ".. Handling goes beyond driver control, and is a design component. When the skid came down to it, it "handled" it like a 1988 Camaro. If the Ferrari were in that position, it's perfect balance and driver position (Lacking the boat-dock front hood and 60's-esque rear wheel-in-the-ass) would make the incident nothing more than a bad scare.
-> Steve