Yes, it actually is a real race. The premise is to buy/build a car worth no more than $500 (excluding safety gear) and race it for 24 hours straight.
Our race is going to be at the end of August in Stafford, CT. The website is, oddly enough,
The 24 Hours of LeMons. Sport Compact Car, HOTROD, Car & Driver (multiple times), and Road & Track have all participated and written articles on the race. Go check them out. Our team is for confirmation that we will be racing, and we won't be hearing back until early June. Our team is meeting in DE where we all live. Once we get our invite, we will be getting the car safety prepped.