On a little island on Trem Land, a crazed wizard named Hex, plans to take over the world using red meteor chunks. He can't do this on his own so he plans to set up an event to get all the meteor chunks and return them to Hex.
A number of nasty characters have signed up to the event, think that they have the guts to find the meteor chunks. All the characters don't know of what Hex is doing, so he waits until all the meteor chunks have been gathered for world domination. Hex mentions that for the one who brings back all the meteor chunks, will win a pig.
Source: Wikipedia, "Mad Dash Racing", available under the CC-BY-SA License.
The game features a four player local splitscreen mode where the players race against each other. Each race has four characters who try to reach the meteor chunk of that level first. While collecting powerups the players have to avoid a lot of traps and wild life and discover a lot of hidden and secret short cuts.
Each character has one of three specializations: Dash, Tackle and Flight. Each of those allows the characters to choose different paths through the level or even harm other players.