Here are a few kernels of truth, wrapped liberally in extreme exaggeration. I know. It's pretty over the top. But so is the assertion that the bible is a holy book. That's a massive exaggeration. Most of it isn't even "pleasant".
The bible is revolting. It is sickening. It is nowhere NEAR as nice a book as what an ethical human could come up with, so why on earth does it have this reputation as having been written by the very author of love itself? It wasn't. It was written by human men - and pretty horrible men by the sounds of things.

And why is it that it only ever seems to be the ugly bits of the bible that are ever taken out of context? Why don't we ever hear christians complaining of John 3:16 being taken out of context?

Look, I know it's possible for things to be taken out of context. Creationists do it all the time, and it bugs the hell out of scientists and rationalists. Even I've been quoted out of context. Sure, it's annoying. But no context is large enough to write off some of the horrors of the bible. I mean - is September 11, for example, completely justified by recourse to a larger "context"? No, and neither are some of the horrors mentioned in the video.