Idiot thinks he's in WSOP, what does it mean?

I play a fair amount live, and based on the information you've given, it sounds like he's trying to talk you into calling his all-in.

My guess is that he's holding TPTK or two pair.

"Why so much?" could mean "Huh. Could that big bet mean trips? I sure hope not, because I can't beat trips. Well, I guess I'll pay him off then."