Not really it's impossible (the picture on that photo is an ipod btw, not an iphone)
I have my reasons:
1- Re-Volt was programmed in C++ and in Environment "DirectX 6". Porting it to iphone or to java should be miraculous ...
2- the picture that photo shows is "Nintendo64/Playstation" version of Re-Volt being emulated. (Playstation 1 confirmed). which makes everything impossible (quality will not be taken place, and it will lag)

solution: reprogramming it from the first byte, the only way...

Yes, the reprogramming (I think) is only chance, but:
Link here!
And all the pictures are made by me.