From Jalopnik:
The LOLrioKart is outfitted with..."a hundred pounds of Ni-Cad batteries in the lower tray, a crude steering rack up front, pneumatic tires all around and some power-electronics to control a 15 HP Etek pancake motor hooked to a sweet custom differential at the rear all good for a top speed of 35 MPH."
MIT students don't build beer bongs. They build insane go karts. More images below the fold.
Nice. Newer version with steering wheel:
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