I got done for this when the laws first came out in late 2005, in an R33. Same situation, was out drifting with the boys in the wet, and took a wrong turn with a mate in a old vl, went into a culdisack, turned around and I booted it in front of him, didn't go a K above 50, a cop saw it, called it a street race. I even flicked a ciggie butt and he said it was a hand signal saying GO! LMAO. So I got the solicitor the full monty, went to court. Got max penalty, 12 Months Disqual from driving, could not drive turbos for 3 years as new rules for P plates had come in, had to sell it, impounded for 3 months, had to pay towing fees, impound fees, court fees, solicitor fees, fine for racing was 1500$. LOTS of money. well over 3gs. I also had 2 suspensions which added to 6 months worth, so I lost it for 18 months.
Basically your screwed, no matter what you do, you will get shafted by the homosexual hand of the law.