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You do take a risk, but IMHO this won't hold up in court. Good luck getting a judge (worse yet a jury) to agree a liability release is valid when it is so broad (it even acknowledges how broad it is) and claims that you sign it "willingly" when it's also clear you can't participate if you don't sign this already admittedly broad release. I agree with other posters, I personally wouldn't sign something like this, but it's practical application is likely limited to worst case scenario which is why you don't hear other "horror" stories from members who've been held liable for damage to vehicles. Now if you go out there, plow through a barrier, and take out some spectators then sure you're probably going to see this thing shoved in your face. Your primary personal auto policy might exclude this type of liability but it's likely covered under an umbrella (if you're reading this you need an umbrella policy) depending on how that's written.
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