Has anyone seen this weird floating light in iTunes before? I connected my iPhone to my computer, and iTunes opened up as it always does. However, I got this weird video playing in the window. I have no videos on my phone or in my iTunes library. It wasn't interactive—clicking didn't do anything. 

It's like I had a UFO on my computer :) Has anyone seen something like this? I can't recreate it for the life of me.

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What you are seeing is the visualizer in iTunes.  Right now its just in idle mode.  It will dance if you play something.  Hold down Command and press T to turn it off.