I'll mix in some of my favorite descriptive sayings along with the slang.
"Coming out of the retard." - Only sport I know where you can talk about retards and people don't get offended.
"Pooched it up"
"On a string!"
Rotate The Earth
Tattooed - referring to the holeshot
Manzo'd or Frank'd - Beating your opponent and/or best run of the session by .07 or better.
Pinging - a motor suffering detonation
Off Idle - one racer's description of staging his Top Alcohol car at 8,000+RPM
High C - see "Off Idle"
Weak Suck - okay, not really slang, pretty literal actually.
On The Tire
Cone Killer
"Chattered the tires" - ask a funny car driver what it feels like to "Chatter" the tires.
Spit the bones
"Only sunk 1 piston? Just means you still have 7 rich ones."