Veil, you are playing on an NTSC version right?
I downloaded your replay to view it, and a couple of things.
First of all, that *.max file didn't want to be 'read' correctly by my Max Drive software at first. I finally got it to work after a few tries - but that's not all.
I tried to watch the replay and it was nowhere to be found in "Replay Theater".
I figured, it's probably just related to the 'errors' I was getting with putting on the memory card.
BUT....
Then I checked the memory card, the file is there and is in valid format - the icon displays in the viewer.
So - are you racing on a PAL version or something?
The replay cannot be loaded because it's not even recognized by the 'Replay Theater'.
I ran the race myself after 'hotlapping' to get a feel for it, and I was able to pull times in this range - however, it took alot of work.
My fastest lap was a low 1'34, however that was in 'Time Trial' with some effort. I believe the lap was 1'34.3xx.
*If* I had tire wear on in the race however, these times I was off a bit on, that is to be expected however. The race without tire wear I was able to get into the range with some effort.
Now there could be lots of reasons why the replay is not recognized, either you are on PAL, there is a 'region code' stored by the game, or worst case there is something about the replay that my game recognizes as invalid.
I don't know why it won't load, just the fact it won't.
EDIT...
Although, I just thought of something.... As stated before elsewhere - it is apparent that the GT4 files are encrypted. This could be a simple thing of Polyphony's implementation.
Is anyone else able to view other people's *.max GT4 replays?
If not, I would say that the key is somehow derived from your 'name' on the game and that would be why that happens. (That's only if 'other' GT4 files haven't been able to be 'read')