The term 'FAST RACER' can be broken down into two words: 'FAST' and 'RACER'. The first word, 'FAST', is an adjective that describes something that moves quickly. The second word, 'RACER', is a noun that refers to someone who competes in races. A specific type of RACER that fits this description is a DRAGSTER, which is an 8-letter word. Dragsters are specialized race cars designed for drag racing, which is a type of motor racing where two vehicles compete against each other in a straight line. Dragsters are known for their high speed and acceleration, making them the perfect choice for FAST racers.