If you're old like me, you remember a movie Beverly Hills Cop 2.  Anyway, there's an awesome song in it to listen to while you chase down those racing punks!    

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think Grandpa vs Sexual inadequacy!  bahaha 

Kavinsky's Testarossa Autodrive works nicely :-)
  

It's funny, I feel different racing games require different sorts of music, depending on their attitude.  Hot Pursuit feels more like this :
 
  

Red Barchetta by Rush. Its about a car  

Not sure how I could have forgotten one of the best songs ever. 
 
  

When I play Blur I listen to Daft Punk, and Need For Speed I'll put on a Motörhead or Gamma Ray album.

This one is for when you really need a bit of extra oomph.

Of the songs on the soundtrack, I can only seem to race well when either "Sofi Needs a Ladder" by deadmau5 or "Shining Down" by Lupe Fiasco are on. 
 
However, I have found that custom soundtrack mix of Demon Hunter, Unearth, and Sikth work pretty well.

Any stuff from the Initial D soundtrack is cool (as long as you are not weeaboophobic :P) 
 
Then there's the obvious classic ones we all know like Radar Love, Don't Stop Me Now, Born To Be Wild, etc.

I'd be afraid to listen to this while driving. Makes me want to go faaaaaaaaaaaast
 
  

I am a just starting to become a fan of Girltalk, and if you don't know who that is, he is a DJ that mashes up songs, mostly newer rap with rap songs: