The Wachowski Brothers are directing it. They better not mess this up! I'm really looking forward to it! I hope they get Danny Elfman to do the film score. Vince Vaughn is set to play Racer X. It's being co-produced by Richard Donner (Superman, Lethal Weapon). Some ideas I have for the rest of the cast:

Speed:Elijah Wood (PERFECT!)
Trixie:Krista Allen (perfect choice for a sexy female companion like Trixie)
Pops:Dick Butkus
Sparky:Jason Lee
Inspector Detector:Michael McKean

And I don't know who the villian's gonna be, but here's some choices for whoever the villian is:

Tung Blaggert:Jack Nicholson?
Cruncher Block:Al Pacino
Slash Marker:Will Ferrell
Mr. Trotter:Rip Torn?
Mr. Trotter's henchmen:Michael Douglas? Jamie Kennedy?
Ace Deucey:Sean Penn? Kevin Spacey?
Snake Oiler:Hmmmmm, lemme get back to ya on that.

And there should be special appearances/cameos or other supporting roles by:

Ghostface Killah (he has a music video with SR footage after all, so why not?)
Young Buck
Sebastian Bach
Kevin Smith
Snoop Dogg
Micky Dolenz