Another word for boner. Much like renob spelt backwards is boner, racecar spelt backwards is racecar. Thus, racecar is a boner, and racecar spelt backwards is a renob; all of which are slang for the male phallus.
Joel got a speeding racecar when he saw the H-Gonga
Any number of import cars that the owners beleive are quick. Usually given away by an obnoxious exhaust note, shitty "body kits", or an "H" inside of a square..... In reality just a bunch of overhyped slow ass Japanese compacts. But, not limited to the shittiness of Jap compacts...also included are Cavaliers which are worse than Civics.
Look at that race car, the stickers must mean it has hundreds of hp.