Dr. Peter Diamandes, the man who envisioned the $10 million (USD) Ansari X-Prize, is now taking his dream a step further - The Rocket Racing League (RRL). From the RRL site: "Rocket races will operate much like auto races, with the exception that the "track" is up in the sky. Courses are expected to be approximately two miles long, one mile wide, and about 5,000 feet high, running perpendicularly to spectators. The rocket planes, called X-Racers, will take off from a runway both in a staggered fashion and side-by side and fly a course based on the design of a Grand Prix competition, with long straight-aways, vertical ascents, and deep banks. Each pilot will follow his or her own virtual "tunnel" or "track" of space through which to fly, safely separated from their competitors by a few hundred feet."
Although no time frame has been attached to the league (except for a video game in 2007 for X-Box, Game Cube, PlayStation and PC) the development should be interesting to watch.