Why yes, that is Penn and Teller playing the big baddies in this video.
This very quick-tongued song, co-produced by Run-DMC and Rick Rubin (best known for metal producing before this). Utilizing samples from "My Sharona" by The Knack and "Mickey" by Toni Basil (the former sued the band over the sample), the combined forces of Run, DMC, JamMaster Jay, and Rick Rubin solidified the group's strength in fusing hip hop music with hard-edged rock. They were, in essence, the gangsta rap of their time.
Shoutout to Penn Jillette, who does a "great" job with the tune at the end of the video.