that sort of thing happens all too often. sure very very few races end like that, but its just a game of russian roullete you play.
I don't know what he was doing but i'm guessing it was very stupid, to loose controll when your screwign around my yourself means either something happend that was out of his controll or he just screwed up. either way going the speed limit would have been a smart thing to do.
I've had a very good friend taken by an accident from sheer stupidity (not paying attention to the road, you can't see a semi running into you if your looking around in the back seat) and another guy i knew die racing. It really takes the fun out of a good race.
i'll still race occasionally. if i know the road, there is very little if any traffic, good weather, and the other guy is trying to get me to go and has a car worth my time. even then i won't take it much past 10-15 over the limit, by then a winner is usualy decided anyways.
The track is a whole nother story. I'll race every chance i get at the track, and encourage everyone i know to go with me. especially if i know they race on the street.