As someone with a kindergartener and an otherwise full life, I don't spend much time watching racing. I found myself with a full 'day off' yesterday, and after going karting, I was down to watch some racing. I don't have cable or satellite, so it had to be a stream. What I landed on was V8 Supercars - and you should watch it today.
Road racing is my favorite, overall. I'm not a fan of oval racing, but how closely matched the NASCAR cars are, and the passing that you see due to that, is great. WRC is fun for me, too. Drag racing is amazing in person, and I love the sound of a nice V8. Admittedly I haven't ever seen another V8S event, so this is based on the Austin race weekend.
Race Weekend: The teams have four practice sessions, four qualifying sessions, and four races in this weekend on only seven sets of tires.
Evenly Matched: The chassis are all the same, while the engine basically just has to be a naturally aspirated 5.0L V8. This leads to some really tight racing and sketchy passing. These guys also really send it over the kerbing, which is fun to watch too.
The Start: Standing starts are awesome. It's like a massive drag race to the first corner.
The Access: The teams seem to give all-access to the media, and there are reporters sticking microphones into cars right up to the start. You also get to work on your Aussie slang.
The next race starts at 2:50, Texas time. You can watch a free stream here.