I know of a few people that have raced for a couple hundred, but for the most part where I live there are just dumb kids reving at stop lights to see who has the loudest mellon-shooter.
Of course there are people that race for money, but I think that happens in areas with high densities of imports obviously, i.e. SoCal. There was actually a show on MTV True Life called "I'm a Street Racer" and it showed the guy in his Honda running for cash.
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