This is no bullshit. I've known about this one since my website EmuCult. I just remembered it out of the blue. The game is Front Mission: Gun Hazard (J) for SNES/Super Famicom.
<img src="http://www.x-cult.org/prototopia/hazard.jpg">
<a href="http://www.x-cult.org/prototopia/25.mp3">Racist rant</a>. (Heavily edited to clear it up)
This is a clip found deep in the sound samples of Front Mission: Gun Hazard. Using a tool called <a href="http://www.x-cult.org/prototopia/ssor9521.zip">Snessor95</a>. Try it yourself, here's a <a href="http://www.x-cult.org/prototopia/FrontMission-GunHazard(J).rar">ROM</a>.
"Cause we're gonna burn your building down you fuckhead! [few seconds of gibberish] (warped?) communist nigger loving [gibberish]"