A car that is meant to look like a race car, but seriously isn't. The term is largely used in the E30 community.
Typically used towards a person known as Dropped325i (see example below)
Listen, ricetard. Take that stripped-down, riced-out, shit-kitted, weight-reduced, carbon-clad, ghetto-wired, ebay coilover-dropped, automatic pile of junkyard parts with the paper hood and the strut bar that looks like it was a Pabst Blue Ribbon can swallowed by a frat guy then shit out the next morning, strap in with your FUH RAZE spine-crushing race harness, point that 2.5 liters of unbridled SOHC German bronzit fury at the nearest rigid stationary object, and stomp down on the loud pedal as hard as your backwater inbred calf muscles will allow, and take a sugar frosted **** into the next life, because you and your car are the ****ing joke of the E30 community.
btw, it can be used sarcastically by people who are actually upgrading their stuff for good reasons in jest towards the people who do it solely for looks.
Dude, that's so FUH RAZE!!!