No no, that's called drifting and it's a "motor sport". Some pre pubescent 30 year olds spend a couple grand on high performance tires, to go on a track and basically destroy them. It's all about drifting for as long as possible, through the turns, straightaways etc. Seems like some street racers evolved onto tracks after they realized street racing wasn't quite legal.
In other words, I've seen more exciting NASCAR races then the drifiting BS.