DirtyThird, you are right. It is a sustained sine (overdriven or distorted) layered with a punchy kick drum.
The kick is tight, not sure I would call it an "808" simply because it has sub frequencies that sustain though.
You can use software synth plugins with great success for this using various different approaches...or , 1YungMurk, you can actually obtain these types of sustained bass drums easily by using CoolEdit, where you simply create a wave of a specific frequency then layer another drum on top of it. These are actually better options (in my opinion) than actually using a derivitive of a tr808 sound and allows much greater control. With practice and experimentation, you WILL end up making doper drum sounds than the one that you are seeking to emulate