I'm kind of stumped for most exciting race, but if I could narrow it down a little to most exciting finishes, on the local scene I'd have to go with when Fred Orchard "went wide" on Billy Pauch as Pauch was making his move on the last lap in turn 4 for the win at Flemington during maybe a 4 20's show?... Pauch got the wall and Fred got the win.
Another exciting finish was with I think Frank Cozze and Larry Kline. Seems to me it was around 83 or 84, and it might have been a 100 lapper. They crossed the line even, and we all looked at each other asking, "Who won?" Here it is 30 years later, and without looking it up somewhere, I couldn't even tell you who they awarded the win to.
On the bigger tracks, I remember a Indy car race at Trenton in the very early 70's when Foyt was involved in a turn 3 (I think accident) on like the first lap. Not sure if he went a lap down or not, but pretty sure he came back and won the race.
The most exciting racing moment for me as a fan, was the finish of the 1976 Daytona 500, with Pearson and Petty banging into each other off of turn 4, and Petty coming to a stop in the infield just short of crossing the finish line. As his crew ran out from pit lane onto the infield to try to push him over the line, David Pearson got the Wood Brother's #21 headed in the right direction, and with a really twisted up nose, managed to drive it up out of the infield, and across the stripe at probably less than 40 miles an hour for the win.
My dad and I were in row 6 of the Campbell stands, and it all played out right in front of us. The thing that I remember most was how loud everyone was, hooting/hollering/screaming...
Here's one I took back then of Pearson's car during practice earlier in the week - Pretty sure it was the same year (1976).