The one and only ticket that I got in 35 years of accident-free driving was during my first year. Just got off work at about midnight, my friend who had been waiting outside finished smoking a joint, and took off on his motorcycle, but forgot to turn on his lights. I had to wait for my girlfriend to hop on the back of my motorcycle, by which time my buddy was a mile or so ahead. I was doing about 70 trying to catch up to warn him -- deserted roads, not a safety issue for me. Nailed in a stretch of road that went through part of the U of Michigan's north campus, where the university-wide speed limit was 25 at the time. The officers asked me why I was speeding, and I could not think of what to say, because if they went after my friend he might have gotten busted. They started laughing at me, reciting stupid speeding excuses. My girlfriend was much more savvy and just told them to get on with it and write up the ticket. In hindsight they were incredibly unprofessional.
We used to always go out driving during good snowstorms, sliding around. Not sure how that would be viewed. I know I am a much better driver for the practice I got, and it may have saved my life a time or two. Seems to me that "street racing" is a fuzzy area. How do you define it? Should folks zooming off from toll booths or green lights be ticketed? They are 'racing'. From your description you seemed to be just tagging along, there was no organized racing effort. Street racing laws were enacted to prevent explicit racing, not casual speeding. I would definitely seek legal counsel. I imagine you have already explained the situation to your parents (ouch!). Most reasonable people can understand how you were tempted into the situation; openness and humility are likely to be rewarded.