Well, the start-glitch or bug is more or less a common one. Depends on when you join the race where the host already started it -> countdown is near 0:00. When this happens the chances are pretty high that you'll end up with a crashed system. The effect may also differ from your vid. The other one is when the track loads more or less as it should but the progress indicator is stuck at 100% and nothing happens after that.

You'll have to be quick to prevent a complete PS3 crash: Press the PS Button and exit the game ... IMO there is no other way to survive this situation. After a few secs the system freezes and you'll have to do a hard-reset.