drifting is absolutely positively the slowest way around the course. they say if you get used to oversteering/drifting you can get used to slower lap times. however most competitive cars do drift including F1 drivers, just not to the extent where its easily seen. drifting is purely for fun, and people are graded on their drifts, depending on speed, style, and technique.
here's a guide to drifting. (breif summary) 