We've been running what we call a 'drift series' in the summer months for a few years now. Originally christened 'The ice racing' championship its now morphed into a rallycross type of race.
But basically we run with zero grip, mountain bike inner tubes cut up and stretched over foam tyres, and everyone has to use the same tyres to keep it fair.
The cars we race with are micros with saloon type bodies mounted up. The skill factor is very high, requiring steady throttle control and aggressive steering input ... great fun though and very very close racing.
Here's a vid from our last Christmas bash -
http://www.youtube.com/watch?v=TlrxOU6_IMI