Oh man, I had that game too, and as a kid quickly got similarly bored of playing by the rules. My favorite thing to do was drive around the track in the opposite direction to see how high I could launch other cars’ tires when they popped off. I even managed to get into the sub-ocean* on the Daytona map by clipping straight through the crash barrier at the end of the pit lane while going in reverse at like 40 mph.
*The out-of-bounds area often demarcated by an otherwise-inaccessible water plane found beneath or otherwise outside of most video game levels.