There was a recent case in Adelaide where two cars were dragging on Anzac Hwy, one backed off and the other hit a car turning right at 110 kph. The driver of the car turning was killed, and both drivers were charged (although the car who didn't hit anyone had a lesser charge and pleaded guilty). So I guess if the other party to your drag race crashed, you would also face some charges.
BTW I think both cars were commodores. Always commodores and Anzac Hwy.