We study a coronal mass ejection (CME) associated with an X-class flare, whose initiation is clearly observed in low corona with high-cadence, high-resolution EUV images, providing us a rare opportunity to witness the early evolution of an energetic CME in detail. The eruption starts with a slow expansion of cool overlying loops (~1 MK) following a jet-like event in the periphery of the active region. Underneath the expanding loop system a reverse S-shaped dimming is seen immediately above the brightening active region in hot EUV passbands. The dimming is associated with a rising diffuse arch (~6 MK), which we interpret as a preexistent, high-lying flux rope. This is followed by the arising of a double hot channel (~10 MK) from the core of the active region. The higher structures rise earlier and faster than lower ones, with the leading front undergoing extremely rapid acceleration up to 35 km s$^2$. This suggests that the torus instability is the major eruption mechanism and that it is the high-lying flux rope rather than the hot channels that drives the eruption. The compression of coronal plasmas skirting and overlying the expanding loop system, whose aspect ratio $h/r$ increases with time as a result of the rapid upward acceleration, plays a significant role in driving an outward-propagating global EUV wave and a sunward-propagating local EUV wave, respectively.