Ammeter pegged...

You should not even be running it AT ALL with the charging system acting up......you can blow things up on the car, meaning, failed electronics from over--voltage

ONE THING YOU can try.........Pull that regulator off and SCRAPE around the bolt holes on the body and the rear and front of the VR and remount with star lock washers. THAT REGULATOR MUST BE GROUNDED

If you want to race it..........I would not street drive it.........you can charge the battery, disconnect the VR connector and run without a charging system. At least that way it won't hurt anything until you get it fixed

Isn't the battery boiling and puking? I bet it is!!!!