From Allen, 12/8/2012 5:11:00 PM:

Hopefully someone will know this 80's indie track from what i think might be a band from Cambridge, Ontario.
Song may be called "ripper in red" by a band called something like "tanzpest" spelling? It was from CKMS radio at the university of Waterloo but i would imagine it would be played on CFNY.

There is a 1 minute intro when this clip starts.Song clocks in at about 4:38.
Hopefully after years of wondering someone will identify this.
Thank you.