That's what Woodward is every other weekend in the summer. This week (people started cruising today) has so many people converging on Woodward that you'll be in bumper to bumper traffic on the busy sections. I've heard of people racing off of Woodward, but the cops will be out in full force. About 2 years ago my friend was on 696 in his RB25 S14 and ended up running into TT Ford GT and something else (forget what the lamer car was) roll racing.
I think it's definietly worth it to go if you are into cars. People on here will go hang out in a Home Depot parking lot on a Fri/Sat night to see/hang out with the same people every weekend. You go to the Dream Cruise and you have ~13 miles of cars and millions of people. Hot rods, muscle cars, cruisers, kit cars, race cars, drag cars, customs, concept cars, rare cars, bikes, trikes, you name it, it's there.
If you're looking to hoon, show up early in the week, make friends that are local, and stay through Sat night.