She is 'racing against the clock' to be sure the assignment is handed in on time.
Her mind was 'racing'. [=she had many thoughts going quickly through her mind]
Researchers are 'racing (against time)' to find a cure.
(..) Ask any racer. Any real racer. It don't matter if you win by an inch or a mile. Winning's winning. Yeah! All available units, we have street-racing along Hawthorne.... Oh, shit! We got cops. Cops! Go! Cops! Get in the car! Go! Get in! You're the last person in the world (..)2001 The Fast and the Furious
(..) Shut up! Well done, baby! Come on. Come on. Back up. Here's what you won, right here. There you go. You were racing a bunch of skateboards. Know what I mean? My sister holds the money. Count it. And you're my trophy. - Hey, Monica. What's up, baby? - What's your problem? You didn't win. (..)2001 The Fast and the Furious