Machinima

Summary
Machinima is a type of CGI filming style, using pre-rendered models from video games. Red vs Blue is a popular Halo 1 and Halo 2 machinima. Other popular Halo machima include The Codex and Fire Team Charlie.

Another definition of machinima is posted at halomovies.org:

"Machinima (muh-sheen-eh-mah) or machine cinema and/or "machine" "animation", is both a collection of associated production techniques and a film genre. As a film genre, the term refers to movies created by using tools and resources available in a commercial game engine. By combining the techniques of filmmaking, animation production and the technology of real-time 3D game engines, Machinima makes for a very cost-and time-efficient way to produce films, with a large amount of creative control."