Cube mapping a video sounds plausible, this is commonly known as 360° video. Putting the camera on rails (though I don't really notice rails in this case) and tying the video playback speed to the speed of the rail movement has also been done in the past in some pre-rendered PlayStation games, though without cube mapping. But I think it's not pre-rendered in this case. It looks far too realistic for a game that is at least 17 years old. My best guess: they captured the 360 degree videos with a real camera (stabilized in some way) and edited the equipment out frame by frame.