I don't know how people did this in a rocket. By the time the lead car pitted in for the first time (on the 3rd lap), it was about 60 seconds ahead of me. After the pit stop, it was still 40 seconds ahead. Even if I didn't have to pit at all (which is a stretch), I'd still lose. Guess I'll have to try something else...
EDIT: If you want to win this race, check what the lead car is. If its a Sauber Mercedes C9, you don't stand a chance; not only is it extremely fast, it only pits evety 3rd lap. If its a Peugeot 905B on the other hand, you're in with a chance; its slower than the Sauber, but more importantly, it pits every 2nd lap, allowing you to win (technically the lead car was a Toyota 7, but it was soon overtaken by the Peugeot).
Tl:dr If you want to win, make sure a Toyota 7 is in pole position.