removing loud 'Im recording right in front of amp' noise

Basically i noticed alot of youtube videos with this same sound, and i was hoping to remove some of the distorted noise from my video.
I am recording off a camera phone with H264 youtube quality camera (casio exilim 1080).

so I exported the audio from the clip hoping to process it in audacity and merge it back in later in video editing program.

I couldnt get exactly what i wanted in audio processing.
I tried High Band FIlter then try to restore bass with bass boost, but lost alot of the treble and singing in the song.

Here is a sample original video of 80s night event i went to hehe:
http://www.youtube.com/watch?v=zQ6RUWwY-ck

That recording is completely ruined, there’s nothing you can do to salvage it.

If you want to know why, read up on clipping:
http://en.wikipedia.org/wiki/Clipping_(signal_processing)