NOT the DiCaprio one - I like this one much better.
A hotshot car racer persuades the class president of a small Minnesota high school to gamble on illegal car races to raise money for their school facing closure.
Part teen rom-com and part racing flick, and Stephen Sommers' directorial debut. Good cast - Matt Lattanzi as the caustic, moody and unexpectedly studious racer/delinquent and Loryn Locklin as the beautiful-under-the-frumpy-exterior class president, and the always-great M. Emmet Walsh as local villain Johnny "The Fat Man" Phatmun. Good cheesy fun.
Actually, I kept thinking about it after I posted this, so I ended up rewatching it last night.
And yeah - it's a fun movie. And really quite well done, for as cliched and low budget as it is.