The gameplay video, titled 'Pimp it up', showcases the customisation options through 13 guns, 9 drill parts and over 50 hats and masks.
Announced earlier this year, Hell Yeah! stars a devil rabbit named Ash who must travel through hell to get revenge on his archenemy, Fat Rabbit, for posting his secret sex pictures on the internet.
Ash rides on a drill wheel that functions as both a vehicle and weapon for players, as it can climb walls, drill through barriers and slice enemies. A wide range of over-the-top weaponry will also be available, enabling feats of cartoonish violence as enemies explode into cuts of steak.
The game is being developed by Arkedo, the studio behind Nintendo DS titles Big Bang Mini and Nervous Brickdown.
Hell Yeah! Wrath of the Dead Rabbit will be available in North America on PlayStation 3 and Xbox Live Arcade from September 26 and 27 respectively, followed by a release on October 3 for PC. In Europe, the game will be available on all three systems from October 3.
Watch a trailer for Hell Yeah! Wrath of the Dead Rabbit below: