Very good point!  I acknowledge your superior design skills, and hereby  
submit my conciliatory modification to my original proposal (with not one,  
but _two_ race conditions, both of which are genuine bugs :) ):

using System;
using System.Threading;

namespace Mazda
{
    static class Program
    {
        static volatile bool _fMoorv;
        static volatile bool _fFinished;
        static volatile bool _fWinner;

        static void ThreadProc(object objParm)
        {
            while (!_fFinished)
            {
                Console.Write(_fMoorv ? "moorV" : "Vroom");
                _fMoorv = !_fMoorv;
            }

            if (!_fWinner)
            {
                _fWinner = true;
                Console.Write("Car " + objParm.ToString() + " wins!");
            }
        }

        static void Main()
        {
            for (int icar = 0; icar < 3; icar++)
            {
                new Thread(ThreadProc).Start(icar);
            }

            Console.ReadKey();

            Console.Write("Checkered Flag!");

            _fFinished = true;

            Console.ReadKey();
        }
    }
}

Oh, and as an added bonus, this code sample will (probably) actually  
compile.  :)