OK, I've done major research here, well, I just found my standard Chevrolet 2001 Warranty And Owner Assistance Information Booklet that comes tucked in the Z06 Owner's Manual pouch.
Damage as the result of any of the following is not covered:
-- collision, fire, theft, freezing, vandalism, riot, explosion, or objects striking the vehicle;
--misuse of the vehicle such as driving over curbs, overloading, racing, or other competition. Proper vehicle use is discussed in the Owner's Manual;
--alteration or modification to the vehicle including the body, chassis, or components after final assembly by GM. In addition, coverages do not apply if the odometer has been disconnected, its reading altered, or mileage cannot be determined.
Im my legal opinion, the key words are "as the result of". In other words, if they can prove the damage was the direct result of racing, or other restricted things, then it's not covered.
I assume they will have to prove it was the DIRECT result of racing, or other negligence.
In other words, Racing does not void your warranty
I feel like a major *** for getting so upset and riled up by facts which were misinterpreted to become huge sweeping rumors.
Just don't bust anything that's obviously racing related, and they'll fix it--end of story.