It is Danish. And the footage is most likely from the northern part of Denmark, which in the summer transforms into one giant party. Think spring break...
Here's a translation. (They're obviously pretty drunk)
Drunk 1: "Whaeaha...shouldn't we just towards the light"
Cameraman: "Do not walk toward the light..."
Drunk 1: "I wanna go towards the light"
Drunk 2: "We're going towards the light...going to Hell..."
*unrecognizable blabbering*
Cameraman: "We're going this way Jesper. Jesper! This way..."
*unknown person* : "Lard ass...!"
*unknown person* : "Yeah right, you're also..."
Drunk2: "I hate you"
Angry dude: "Excuse me! What did you say?!! Hey!!"
Angry dude: "Yeah go ahead, film this...!"
Angry dude: "What did ya say...hah!"
Cameraman: "Yeaash, I'm shootin' photos.."
*smack!*
Cameraman: "Hello! Hey, Hello! Hello..."
Angry dude: "Shut the FUCK up..."
*smack!*
Cameraman: "Hey! Hello! Take it easy man..."
Angry dude: "You want some too?!"
*smack*
Cameraman: "Fuck...*incoherent ramblings*...idiots..."

i knew it wasnt spanish. didnt hear one "ese" in the entire video. but now i know never to visit the land of pastel-colors... for the natives are quite violent!

Oh well...tourists shouldn't have to be to afraid of visiting.
The habitants of the northern part of Denmark is known to be quite hostile to people from other parts of Denmark. When watching the movie and listening to their accent I can tell that the guys being punched are not northeners, and the pissed off guy is...
And another thing is, all houses are this particular yellow in this part of Denmark, and yeah, I would go nuts too...:D

The thing about Danish people is that they don't understand their own wierd language, especially not when they are drunk. This is a Norwegian documentary covering the issue: http://www.youtube.com/wa tch?v=s-mOy8VUEBk
A typical Danish misunderstanding is "Jeg har boller til din mor" (I've got buns for your mother) which resembles "Jeg har bollet din mor" (I've fucked your mother). No wonder they get into fights:D

Man that makes less sense than the video.

So Sylvester Stallone is from Denmark? A lot of things make sense to me now...

well done