I suppose it no different from racing each other about on public roads. Something that we've all been guilty of if your being honest.
Nothing like it dude.
1) A trackday isn't a race. People who try to race will be black flagged. You can only over take on one side and not on a corner.
2) There is no police on the track therefore no consequences for speeding, dangerous driving.
3) If it all goes Pete Tong, you have kitty litter, crash barriers, helmets on, marshalls, medics etc all there to assist.
4) You will have signed a disclaimer before going on the track saying you understand and will abide by the rules. If you don't, you will be black flagged (see point 1 above)
5) Lap times will be the result of who is quicker, regardless of who has the "faster" car.
A race is more like what you do at Crail - a standing start and first to cross the line although ironically the first one over the line might not have the faster time as you could sit at the line for a second before booting it and the system will still record your time down the strip.
This is a race - when you come to the final and its first past the line including reaction times. If you sleep at the start, you will lose like Simon did here in his 600 odd bhp Focus RS
http://www.youtube.com/watch?v=LsAnYYoxOaA
A race is when you go to the go karting and go through the stages and end up in a final 8 and the first one over the line against 7 others is the winner