After preserving the data on the drive, MVG discovered a mysterious game called Crash vs. Spyro Racing. The demo itself is fairly limited and doesn't actually feature either character. So, how do we know this has anything to do with them?
Well, outside of the fact that the wooden crates in the game sound exactly like those in Crash Bandicoot when you drive over them, digging into the executable code reveals the name 'Crash vs. Spyro Racing'. Even more compelling is the presence of a video file, which appears to show the game's introduction sequence.
Digging deeper, MVG was able to track down the origins of the project, including its developer, the UK-based LT Studios. LT Studios was founded in 1999 and would become part of Argonaut Software in 2001. LT Studios would develop Malice on the original Xbox before it – and parent company Argonaut – closed for good in 2004.
MVG has made the demo available, so you can play it on a modded Xbox if you so wish.