Cost: Varies wildly by location.
Race Format: Think of a NASCAR or IndyCar race, but not for nearly as long, and in a bunch of old beaters. Chances of finding an oval near you are pretty high, especially if you live in the South or the Midwest. Dirt ovals are about as common as paved ones.
Risk of Bodily Harm: Moderate, you can get a pretty nasty crash on an oval, but the cars simply aren't going fast enough to cause the kind of havok you think of when you think of NASCAR.