Quite a few club racers still use NiMH batteries, which will easily last you 5 (or even 10) minutes if you get some with a decent capacity. People use LiPos because they deliver more power and are a bit more convenient, not especially for the extra capacity.
If you have a brushless setup (I hear LiPos are quite hard on brushed setups), LiPos are really worth a bit of extra cash if you have it. Finally, check your charger supports NiMH batteries. A NiCd charger that doesn't mention NiMH support is not suitable for NiMHs.
Edit: if you still have NiCds, they may well have gone bad due to being stored for a long time. Check whether they still work by cycling them a few times.
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