Pause the game and display the race statistics screen. Then, hold L1 + R1 + L2 + R2. If you entered the code correctly, you will hear the sound of an engine. Now resume the game and press Triangle to shoot paintballs at other cars.
Go to the car selection screen in exhibition mode and highlight Bobby Labonte's car. Then, hold X and press Up, Down.
Go to the car selection screen in exhibition mode and highlight Kenny Wallace's car. Then, hold X and press Up, Down.
At the options screen, hold Circle and press Up, Left, Down, Right. If you entered the code correctly, a new option that increases the game's frame rate will appear at the bottom of the screen.
While driving, select the view in which the driver and steering wheel are visible. Then, hold Triangle until the driver waves.