Yes, that is an overhead projector combined with a dismantled LCD screen. Try not to think about it too much. I did and had to leave early with a severe migraine.
From the submitter:
Verizon Wireless + NFL iPhone App + Digital Video Camera + Microphone + Bass Amp (not pictured) = Monday Night Football without cable TV! The iPhone NFL app prohibits direct output from the iPhone to the TV, but we've overcome higher obstacles than that to get to Live MNF.