"You are approaching coalition warships," the USS Hopper's crew warns. "You are straying into danger and may be subject to defensive measures. ... Request you alter course immediately to remain clear."

It is at that point that a heavily accented voice can be heard over the radio, apparently coming from the Iranians.

"I am coming to you," the voice says. "You will explode after a few minutes."

An American voice can be then heard repeating the words, incredulously, "You will explode in a few minutes."

The video shows the Iranian speedboats getting so close they are inside the wake of the American warships. Senior defense officials told ABC News the USS Hopper's gunners were within seconds of firing on the Iranians' boats when they suddenly backed off.

At the White House today, President Bush was asked about the incident.

"We viewed it as a provocative act. It is a dangerous situation. And they should not have done it, pure and simple," the president said. "And my message today, to the Iranians, is they shouldn't have done what they did."

The Iranian Foreign Ministry, however, called the incident "ordinary" and denied using threatening language.