Here's the info from the YouTube entry:
This is an excerpt of footage from a ceremony honoring Betty Skelton, the U.S. Feminine Aerobatic Stunt Flying Champion, held at the Tampa, Florida Airport. The U.S. Army Air Corps Band plays as Betty Skelton appears and waves to the camera. A number of planes are shown performing aerial stunts and trick flying. A biplane tows a banner that reads "Its here Fort Pitt Beer!!" For the finale, Betty Skelton climbs inside a modified North American P-51 Mustang and zips around showing off her flight technique. When she lands she is presented with a bundle of flowers as she speaks to a crowd of spectators. Produced by Tampa Home Movie.