for that price, you won't be able to buy equipment that can catch F1 cars. that said, you need to learn certain things first so that you'll understand the limitations of what you can buy. here's a nifty website which has absolutely no affiliation with me that can bring you up to speed with information that will enable to make an informed purchase:
http://www.digital-slr-guide.com/
even if you don't want an SLR, the same principles apply so when you look at camera specs, you'll know what all those numbers mean and you won't end up buying an expensive camera that is overkill. for example, if you want a compact camera but still want the power (but not exactly in the SLR range), you can opt for prosumer cameras. more info here:
http://www.photonhead.com/digitalcamera ... atypes.php (still not affiliated with me). it's never about which has the highest numbers but rather which has the right numbers for your shooting needs. when you go around stores, never give in to sales pitch--their job is to sell you the most expensive gear they can (there are stores that are exceptions of course but err on the side of caution).
happy reading and i hope you find the right camera for you--which is the one that will meet your needs.