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Held every year ... at least one person dies has a major life changing injury each year.

More info:

http://en.wikipedia.org/wiki/Isle_of_Man_TT

Interesting points of note

The Isle of Man has no speed limits outside of the villages and towns
The annual event opens the mountain course on "Mad Sunday" to the public.
The track runs through the towns and villages for the main events and they only occasionally put sandbags against some stone/brick walls

Its been under threat of being banned, but the Isle of Man has its own microgovernment and there is nothing the UK government can do about it ... while people turn up and partake the Isle of Man will provide.

It is awesome ... and very very scary!
 
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