Go for a digital SLR, you are better buying say a Nikon D60 or similar, or a D80, (the D80 was superseded by the D90, but the D80 is a fantastic camera, and you should get at a good price)
most important is the glass, buy a cheaper camera, and spend more on a lens.
compact's are good, but digital zoom can produce noisy pictures, and, by the time uou get the camera to focus, the shot will be gone
for trackside shots, you will need a minimum of 300mm, but really depends on what you want to spend.
i have some general stuff on here
http://www.flickr.com/photos/deshealy
if you want closer and better than this, you will need longer lens than 300mm
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