1.  raceway(n = noun.artifact) race - a canal for a current of water;
is a kind of canal

2.  raceway(n = noun.artifact) racecourse, racetrack, track - a course over which races are run;
is a kind of course
has parts: stretch, inside track
has particulars: cinder track, dirt track, circuit, racing circuit, speedway, velodrome

raceway, n.
1 a track or channel along which something runs, esp.: a a channel for water. b a groove in which ball-bearings run. c a pipe or tubing enclosing electrical wires.
2 esp. US a a track for trotting, pacing, or harness racing. b a racecourse.