I found this on another Website and I am going to post it here... I know probably more than a couple race your cars so READ IT!...
What I have learned in the 13+ years of street racing:
1) THE GOLDEN RULE: RUN WHAT YOU BRUNG. If someone comes out in John Forces funny car, then that's their perogative. If someone is squeezing 700 hp worth of nitrous, then you decide if you want to run or not. If it comes out on a trailer, then so be it. He brought it out, didn't he? It'll be his loss if the cops come and he's still loading the car back on the trailer. If a guy has three turbos on his car, so be it. If one has to climb over a roll cage and put on his six point harness, then so be it. RUN WHAT YOU BRUNG.
2) It is generally accepted that a street racing is roughly a 1/4 mile long!!
3) If you come out in your car to a spot where everyone gathers, be prepared to run. Come out with a full bottle, slicks, etc. If you're not ready, and don't race, then don't get mad when you are the butt of jokes. In the age of the internet, if you're gonna talk smack, be prepared to back it up. (Hopefully not physically, but there are some asses out there that need some sense smacked in 'em LOL)
4) Expect the unexpected. There are no rules that say you have to tell the guy what you're packing. If you want to be a nice guy and tell them everything, fine. If they don't tell you everything, don't assume they're just being a prick. I have spent a lot of time and money finding out what works so that I have an advantage.
5) Cheating is a way of life. If you call someone out, you have to assume that you can take him no matter what he's got. This rule is in correlation with no. 3. If a guy that has a stock looking mustang calls out a built up Supra, you have to assume he's got more than a ten minute tune up. If a stock Eclipse calls out the fully tubbed and caged Camaro, then there is a good chance he's got more than a fart can.
6) Everyone's perception of a quarter mile is different. It would be wise to establish a finishing point so noone lets out early or goes too long. IT WOULD BE EVEN WISER NOT TO RACE ON THE STREET AT ALL BUT AT THE LOCAL TRACK.
7) If you chase it's a race. If you feel the other guy left early, then don't leave. Make him come back.

If somehting goes wrong with your car (i.e. missing a gear), then it is the winner's discretion if he wants to give you another run. I'm not going to run you fifteen times because you can't/don't know how to drive. Better invest in new parts so that it won't happen again.
9) Everyone's taste is different. If a guy loves his leather and tunes, then don't be mad when he can't run with a caged Mustang. If the Mustang can't drive out to the designated spot without refueling, then don't be mad when the race is half the state away.
These are just some guidelines that are generally accepted in the different street racing circles that I have been in.
Of course, all these guidelines could go out the window if the two racers involved agree on something beforehand
Questions, comments smart ass remarks welcome (Just be prepared to be publicly ridiculed)