This sound is a bog standard modern neuro-bass Reese (a la Noisia, Black Sun Empire, Joe Ford, etc). This type of reese goes way back to the early days of Noisia, and in many ways goes back even further to Ed Rush & Optical... (I also say "modern" because 'reese' basses have used in drum and bass and bass music since the mid 90s).
You can hear they've very obviously used a one shot sample because the sample has no variation, just the same one shot being re-triggered a few times in a row in both places. They've also used the sample as a stab (more or less), by using a short note duration with a short decay on the sample. (Reeses are often held for long periods of time, as they're the heart of the bassline in 'neuro' (aka neurofunk) drum and bass tracks using this type of sound design).
The formula is typically to start with two detuned saw waves (or complex waves), from there you add movement in any number of ways before you hit the 1st distortion phase (it's not uncommon for multiple distortions to be used). The distortions you choose, and the modulation choices you make will define the character of the reese...
Joe Ford (who also did a lot of the sound design in Keepforest Devastator Breakout) is nuts. He got so bored with making reeses from synths he started using two detuned sine waves, then piling on huge chains of modulation and distortion. Basically, there are a lot of ways to make a sound like this...
EDIT: And yes, sort of, in terms of dubstep... Some early dubstep artists (making the heavier kind of tracks that became associated with dubstep), came from a drum and bass background, which was already using heavily distorted basses like this in the early to mid 2000s