Yep, it's a debug screen caused by an issue with the cart.
And in case you're wondering, those are memory registers. A register is basically ram but it's built into the CPU so reading and writing to them is super fast. Most you can use for whatever short term memory you want, like saving the results of some calculation before using it in some other calculation. Many times they're used as function parameters or return values from functions. Others have specific uses, like the Program Counter register(PC). That's where the CPU keeps track of where it's at in the program.
So a programmer could look at that dump and see exactly where in the program it was and what it was doing when it had an error.
"Game programmers are generally lazy individuals. That's right. It's true. Don't let anyone tell you otherwise. Since the dawn of computer games, game programmers have looked for shortcuts to coolness." Kurt Arnlund - Game programmer for Activision, Accolade...
If you have the N64 Expansion Pack, that could be the cause. I remember how Hybrid Heaven would screw up like that every now and then when the pack was inserted in the system.
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Weird. I didn't know Microsoft made Nintendo games.
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