There was an 80's flick, that was either set in high school or college and i could have sworn michael j fox was in it but possibly john cusack as the main character. I can't remember the plot exactly but a group of students use a bus engine with nitrous in an old convertabile to go up against a flash porsche owning nemesis in a car race in order to win a bet.

what was that movie and who was in it? anyone?

High School U.S.A (1983), starring Michael J. Fox and involving a race between a 1965 Plymouth Valiant and a Porsche 911.

http://imcdb.org/movie_85679-High-School-USA.html