Are you sure you linked to the correct clip, that one is only 38 seconds long.
Johnny Cuevas, Editor
"I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work."
---THOMAS EDISON on inventing the light bulb.
Looks to me as if it's a conical 3D shape with a cloud/steam texture in it. It appears to me to have been done in a 3D package, and it's probably just a textured cone attached to the CG superman. Might have been done in 3DS Max, Maya, or most any other 3D package.