I believe it's real video footage of an actual light show. Someone with the right equipment could rig it up to be controlled by some PC software. In fact, a guy I know in my area does it with his lights every year, and it's similar to what's in this video, although not quite as elaborate. People come from all over the state to see his light show at Xmas.

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Tools :  3dsmax 2015, Daz Studio 4.6, PoserPro 2012, Blender v2.74

System: Pentium QuadCore i7, under Win 8, GeForce GTX 780 / 2GB GPU.