There are six different types of race events in NFSMW...
A) CIRCUIT
A standard race around the city streets. Each racer must complete two or more laps around the course. Circuits are more forgiving of mistakes than most other races as they are longer and you'll usually have plenty of distance to make up lost time. You definitely want to be in first place going into the last lap, and starting the race in first doesn't hurt either.
B) LAP KNOCKOUT
Lap Knockouts are circuit races with slightly shorter laps (on average) and the last place competitor at the end of each lap is disqualified ("knocked out"). This means there's not as large a margin of error as in the normal circuits--you can't be in last place at the end of any lap. The number of laps is equal to the number of competitors less one. I.e. if there are four racers total (including you), there will be three laps. All Lap Knockout races in Career Mode are three laps.
C) SPRINT
A race from point A to point B through the city streets. Rather than a number of laps, the leader board will show the percentage of the race that is complete. With sprints, it is important to get a good start and maintain the lead. Use nitro at the beginning of long, relatively straight portions of the course to build up a cushion over your opponents.
D) SPEEDTRAP
Speedtraps are sprints; but, to win you must have the highest cumulative speed as measured by photo Speedtraps spaced along the course. You don't necessarily have to cross the finish line first; however, if you are not first, you lose some points from your total--six points are deducted from your total speed for each second you are behind the first-place finisher. Winning a Speedtrap is all about keeping your car under control and nitro- boosting through the traps shown on the mini-map.
E) TOLLBOOTH
Tollbooth Time Trials are only available in Career and Challenge Series. The time to each checkpoint is fixed and does not vary based on the type of car you use in the race. Any time left on the clock when you reach a tollbooth is added to the time remaining to the next tollbooth. E.g. if you have 0:17.20 remaining when reaching a tollbooth, and the time available to reach the next tollbooth is 0:45.00, you will receive 0:45.00 + 0:17.20 = 1:02.20 to reach the next tollbooth. To make Tollbooth races easier, always use whatever car has the highest top speed and best acceleration. Handling is less important since your only enemy is the clock and you don't have to worry about other racers. Just make sure you can handle the car well enough to keep from slamming into walls.
F) DRAG
A straight-up test of your speed and shifting ability--you have to manually shift gears in a drag race. Watch the shift icon at the top center of your screen. If you shift when there's no icon, you get an Early Shift and you lose some speed. If you shift when the icon is blue, you get a Good Shift and gain a little speed. If you shift when the icon is green, you get a Perfect Shift and gain more speed. If you shift when the icon is red, you get Over Rev; lose speed and possibly burn out your engine. You don't need to steer the car along the course; it's "on rails" and will follow the road automatically. What you do have to do is dodge traffic by changing lanes left or right. Each tap on your steering controls changes you one lane. If you want to switch two lanes left, you have to tap the left turn button twice. Memorize the traffic pattern (it's always the same) and use Speed breaker if necessary and you shouldn't have any problems with drags.
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