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Speed prepares to race on the Great Wall of China. A race is being held in order to raise the money needed to restore the ancient wall. It will be a dangerous course as two cars barely fit on top of the wall. There are also unpredictable high winds and the threat of bandits. The night before the race, Speed is visited by a beautiful woman (just as he gets out of the shower, natch) who warns him that he must not race tomorrow. She says her name is Lotus and claims there are ancient spirits that have slept undisturbed for thousands of years. If he quits, the other racers would follow. He refuses (even when she offers a gold artifact) since he is under contract to race.
In San Francisco, Mom, Spritle, and Chim Chim prepare to leave for Egypt. As they try to catch at least a minute of Speed's race on television, they see a report that there's been a last minute entry...Racer X!
When the race starts, Speed is distracted by Racer X's appearance. He's there to protect Speed without anyone knowing. Speed can't get over the fact that he reminds him of someone. Later Lotus and her men set off explosives on the wall to prevent the racers from getting to close to their ancient palace. She says the golden dragon must be protected no matter what. When Speed and the other racers drive down off the wall, one of her men fires a bazooka. Speed is knocked out by some rubble. Speed and the Mach V are taken to the palace.
Inside, Speed meets Lotus' grandfather who tells him that their race is threatening to disturb the sleep of the golden dragon, the last of the elder gods. Speed is taken away to a cell. Lotus asks if she can take Speed as her consort. Her grandfather says yes if she can tame him. Otherwise he must die.
Speed manages to escape and gets back into the race. It's down to Speed and Racer X at the end.