Motorsport as an Olympic event would always be controversial, largely because the sport depends on an engine, and engines can break. It would hardly be fair if a competitor was eliminated simply because of an engine fault. That said, the equestrian events see competitors riding horses, and although the horses are trained, they can still think for themselves. Everything that happens in an engine is a result of physics.
I could only see it working if it was styled as a spec series, probably using karts. It would only be open to amateur competitors - no-one who has raced in a professional series would be elegible to enter. The karts themselves would have to be owned and controlled by the IOC, and at the end of each race, placed into parc ferme and taken apart to ensure they are in working order. Competitors would be randomly assigned a chassis and engine combination before each event took place.
As for the event itself, there would be no qualifying. Rather, races would be contested between four or six drivers at any one time (though this number would be fixed so that there would be four drivers in every race, or six drivers in every race). The circuit would have to be designed with a straight long enough to negate any advantage gained from starting position. At the end of the race, the top two (if there are four drivers) or top three (if there are six) competitors progress to the next round. The races themselves would have to be long enough to allow the competitors to actually race one another, but not so long that the karts can break.
