The Collaborative International Dictionary of English v.0.48:

Race \Race\, v. i. [imp. & p. p. Raced (r[=a]st); p. pr. & vb.
   n. Racing (r[=a]"s[i^]ng).]
   1. To run swiftly; to contend in a race; as, the animals
      raced over the ground; the ships raced from port to port.
      [1913 Webster]

   2. (Steam Mach.) To run too fast at times, as a marine engine
      or screw, when the screw is lifted out of water by the
      action of a heavy sea.
      [1913 Webster]