This is Kakariko Village from The Legend of Zelda: Twilight Princess. While technically mostly a port, a huge amount of editing went into creating this track to make it suitable for racing. The track takes you through the village, a Cucco minefield, across the rooftops of the village, and finally through a cave and to the pond.
Preview 2 VS Race
Preview Time Trial (Dolphin)
Opening camera pan
Jumping over to a hot spring where a Goron lounges. Bounce off his belly for fun