Apparently this is a teaser for an abandoned Zelda movie, can't find out more information about aside from this being from 2007.

This looks very fan-made

This was made by Imagi.
http://en.wikipedia.org/wiki/Imagi

At least that's what I was told by the person who found this.

Animation matches up too.

Yeah, it kinda matches up. Keep posting if you find out any more info about it. I know there were ideas for a lego Zelda game or movie.

First off, I have no idea why more people aren't caring about this.

Secondly My Nintendo News has an article on this.
http://mynintendonews.com/2013/08/05...n-development/

It was fanmade, and it was abandoned along with (I think)four other Zelda fanmovies because Nintendo wanted the developers to discontinue them (I think it was for copyright issues).
People were talking about the cancellation in 2011.

It wasn't fan made, it was made by an actual animation company who rejected the pitch.

I'm pretty sure the reason it was cancelled (and the reason there haven't been any Nintendo films since the late 90's) is because of the bombshell that was Super Mario Bros. The Movie. If they had more confidence in a film adaptation (and if they had a good company like Imagi behind them) they could make a video-game movie that didn't suck and that I would throw my money at.