1.
"Watching the submarine races" is a euphamism for making out (and more) in a car. It's the kind of thing a copwould say to be funny when he knocks on the fogged-up window of your chevyparked in back of the safeway to ask what you're doing there at 1am, as if he doesn't know damn well.
Cop: Hey, what're you kids doing in there? Watching the submarine races?
People in car: Gak! Where are my pants?
See making out, parking, car, going down
2.
A phrase that describes a couple or couples making out in a car when one or both are out of site below the line of the car windows. The phrase relates to one or both participants 'diving' out of sight. It also relates to the phrase muff diving and going downwhen the man has his face buried in a woman's pussy in the same way a submarine captain pulls the periscope to him and wraps his arms around it.
"Are you taking Joan to the submarine races this weekend?"
"Hell Yeah. That girl loves to 69."
See making out, muff diving, going down, 69, parking
3.
Slang: During coitus, referring to the act of watching the penis enter or move in and out of the vagina.
They drove out to conception point to watch the submarine races.
See submarine, race, coitus, sex, vagina