Street racing as I know it here in california depending on how far the cop pulling you over wants to push it but can go as far as your car being demolished, I know in the city of ontario if you are caught racing the police can impound your vechicle and destroy it.
A first conviction on a street racing violation (23109 VC) means:
Minimum county jail sentence of 24 hours and maximum of 90 days.
Vehicle probably impounded for at least 30 days.
Owner responsible for vehicle's towing and storage charges ($1,000 or more).
If owner fails to pay, vehicle could be sold at a lien sale.
Anyone who aids or abets a street race also faces a maximum 90-day jail sentence.
this excerpt is from the link below
heres a good link for california laws
Team Sheriff Racing - Illegal Street Racing
hers a link for crushing your vechicle
California employs new tactics to crush illegal street racing
So yeha just leave the racing at the TRACK! Or risk the above!