I was wondering that

This felt necessary.

I really dose I watched it like at least 50 times to try and tell if he did or not.

same...

Looks like he's missing his arms AND head for a few frames after the gator lunges.

A quick Google search later and we have an answer, though.
urbanlegends.about.com/library/bl_bungee_jumper_video.htm

"Not to worry — it never really happened. The camcorder-style clip is part of a television commercial for Foster's Beer that aired in 2003. The crocodile (or alligator, according to some versions of the email) was added to the image via special effects wizardry."