When I think of boy racers I mostly think of VW's done up by kids for some reason. I call them "strudel burners", this includes some horrible BMW (usualy cheap 3 series, 318/323's), and old A4's. Very rarely do you see a MB done in such a manner but it sadly does happen.
Ricers are in a different group, they are there own culture.
http://en.wikipedia.org/wiki/Rice_burner
Basically kids having fun until they grow up and buy real cars, its all about the illusion of speed.

Than puberty finishes and they learn about real performance cars.