When your told to start your engine, press the fire button. Then when it says {GO} press 'P' to pause the game and 'P' again to unpause the game. You'll finish the race instantly with the fastest lap time.
Before starting select the radio mode on the cd player and tune it to 065.4. You should be breaking the track records.
On the sound selection screen, choose the sound effects and select radio. This will cause the scenery to travel at twice the speed, yet the actual speed remains the same.