ideas for a wipeout movie have been discussed several times before... but I don't remember seeing anyone put forth the idea of a series.
I think it could work really well as a cartoon/anime.
there would have to be some larger overarching plot to the show, but you could fit some cool race scenes in each episode.
Unfortunately, judging by most of the drivel on TV; I have a hard time imagining it happening with anything resembling decent writing