I think that being a "racer" is different than being a "competitor" or participating in racing... I think being a "racer" has to do with your committment and sacrafices made to go racing.
Lets say you got a guy who can only afford to race once or two races a year. He eats Top Ramen every day and holds his shoes together with duct tape just so he can afford to put his car on the track, boat in the water or bike across the starting line in Ensenada... I'd be hard pressed not to call that guy a racer.
Or you got a guy like Haggin who isn't clipping coupons to go racing, but clearly has invested a huge amount of his emotional and psychological energy and time into racing. I'd be hard pressed not to call that guy a racer.
On the flip side, you've got guys who show up to PCA and Ferrari club races who's relative investment in racing, finanically and emotionally, is negligable. They show up at the track on Friday afternoon, eat at their prep guy's hospitality tent, cruise around 10 seconds a lap slower than everyone else, claim everyone's cheating and then go back to the office Monday claiming they're a racer...
For me, being a racer is something you have on the inside.