Speed Freaks is a kart racing game featuring several single and multiplayer modes. During the game, players take control of one of nine characters and drive karts around tracks with various themes. During a race, the player's viewpoint is from behind his or her kart. The goal of the game is to either finish a race ahead of other racers, who are controlled by the computer and other players, or complete a circuit in the fastest time.
Icons marked with question marks are arrayed on the race tracks; they give weapons (pick-ups) to a player's kart if the vehicle passes over them. Pick-ups, such as missiles and slime, allow racers to hit others with the objects, causing them to spin and lose control. A kart that obtains the stealth mode pick-up is temporarily invulnerable to attack. Lines of speed boost tokens are found on the tracks. By running through these tokens, a kart collects them and fills cells on its speed boost bar. The player can use accumulated speed boost to increase speed at a faster rate than under normal acceleration.