No offense dude, but maybe you should learn something from the loss of your freind. I don't know the circumstances of his crash, but I know 3 kids at my high school who were killed in car accidents and two of those were street racing related. In both of those cases the cars were not highly modified and were not going excessively fast (around 40mph). The reason they died was because they were paying too much attention to racing their freind and not enough attention to things like trees and oncoming traffic.

In your defense it sounds like you guys were just messing around having some fun, but just try to remember what can happen and manage your risks. I don't know if I would be having fun if a bunch of dudes I thought I didn't know started chasing me, I think I'd be a little worried about being shot.