Yeah,quite identical:
Cruising - buy a car,put petrol in it,drive.
Racing - buy a car,upgrade to match safety regulations,buy parts,tyres,fuel,drivers suit,helmet,register for series/league/event,drive...
No difference at all...
Because if I cruise in my city the way I do in LFS, my license and car would have been confiscated more than a few times already.
I would have threatened many people's lives too, because in the city, there are the so-called pedestrians. And this is just irrational and irresponsible. Think about it.
[E] Sorry, forgot to put the most abused emoticon after my post.