Chances are you won't be able to out drive a stock car, so like what was said just go as is.
:gabe:
http://www.thetruthaboutcars.com/2014/11/just-accept-autocross-isnt-racing/
It says rebuilt salvage on the title if it's been through inspection. I've always got more than 50% value on my rebuilt cars. I would never touch a flood car though.