Here's the Wiki: http://en.wikipedia.org/wiki/The_Phantom_Edit
I don't remember where I downloaded this from, but it's not mine; I'm just passing this gem along to you fine people.
A couple words of note:
1. This film has 2 audio tracks, the movie audio and a commentary track by the Phantom Editor himself, Mike J. Get VLC (if you don't have it already, which you should). Head on over to www.videolan.org, or just Google VLC. Trying to open it in Quicktime will just play both tracks over one another. Give the commentary a listen, it's insightful stuff.
2. Again, just to stress this, this is not my work. I didn't rip it, encode it, or modify it in any way. I found it, and I'm sharing...that's all.
If anyone has the actual DVD image for this out there that they can upload, please do so!
For the DVD image of the Phantom Editor's cut of Episode II, look here (also a repost)
Seed and Enjoy!