Fake.
Rojas said the video was taken on July 17, 2003, in Nebraska by Stan Tiger Romanek, who set up the camera because he thought peeping Toms had been looking into his house at his two teenage daughters. Romanek did not appear at the news conference.
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Err... ever heard of curtains? Setting up a video camera seems ever so slightly slightly coincidental to me. Also, the date? And this is just coming to light now? Haha.
Not only does the alien look fake, but the fact that all it seemed to do was pop its head up and blink points towards it being a puppet or something like that.