The comments are quite spirited on this video thread.  One commenter asks the narrator:

What is that from? The coca-cola boiling? I don’t think boiling Coca Cola will produce toxic smoke

Tech Rax has this reply:

Just to clarify, I’m not talking about the water vapor being boiled out of the coke, but the smoke that begins at 3:32. The screen popping open and the battery burning would be my guess. Electronic internals, regardless (you can see the smoke clearly emanating from within the phone at 4:21). A lot of internal electronic components are toxic – that’s why you’re not supposed to throw them in the garbage.

We hope you like the video.  And if you want a phone upgrade this may not be the best way to go about it 😉