There are over 17 different reckless driving statutes in Virginia. In other words, 17 different way to get a Reckless Driving charge. Although, there are 17 different statutes, they all carry the same minimum penalties which include:
A permenant criminal conviction
Up to 1 year in jail
Fines of up to $2,500
Suspension of a license for up to 1 year
Loss or increase in insurance premiums
6 demerit points for those who carry a Virginia license
If you are charged with racing, then you are looking at even worse possible penalties including longer suspension of driving privelges.