This video is of a BLEVE, or Boiling Liquid/Expanding Vapor Explosion. It works by heating a container of gas or liquid so hot, that the internal pressure is higher than the container can handle. As a chemical engineer by training, this is considered to be a very dangerous type of explosion because if the material inside is flammable, you can get a secondary explosion just like the video.
Dry Ice Bombs and Works Bombs work on a similar principle: start a chemical reaction that slowly builds up pressure so that the person setting it can run away. However, I knew someone who didn't clean up an un-exploded dry ice bomb, and it blew up in someone else's face. That person ended up in the hospital, and the person who set the bomb almost went to jail. So think twice!