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Formula One or F1, is the highest class of open wheeled auto racing defined by the Fédération Internationale de l'Automobile (FIA), motorsport's world governing body. The "formula" in the name refers to a set of rules to which all participants and cars must conform. The F1 world championship season consists of a series of races, known as Grands Prix, held usually on purpose-built circuits, and in a few cases on closed city streets, the most famous of which is the Monaco Grand Prix in Monte Carlo. The results of each race are combined to determine two annual World Championships, one for drivers and one for constructors.
Formula One cars race at high speeds, up to 360 km/h (225 mph) with the engine revving up to 19000 RPMs. The cars are capable of pulling 5g in some corners. The performance of the cars is highly dependent on electronics, aerodynamics, suspension and tyres. The engine and transmission of a modern Formula One car are some of the most highly stressed pieces of machinery on the planet. The formula has seen many evolutions and changes through the history of the sport.
Europe is Formula One's traditional centre; all of the teams are based there and around half the races take place there. In particular the UK has produced the most Drivers' Champions , and the vast majority of Constructors' Champions. However, the sport's scope has expanded significantly in recent years and Grands Prix are now held all over the world. Events in Europe and the Americas have been dropped in favour of races in Bahrain, China, Malaysia and Turkey, with Singapore having held the first night race in 2008 and India being added to the schedule starting in 2011. Of the eighteen races in 2008, nine are outside Europe.
The 2008 Formula One season is the 59th FIA Formula One World Championship season. It began on 16 March and will end on 2 November after eighteen Grands Prix. As it stands, there are a total of seven teams signed up to compete in the championship through an agreement with Formula One Management, with the other four major manufacturers in the Grand Prix Manufacturers’ Association (GPMA) having signed a Memorandum of Understanding (MoU) at the 2006 Spanish Grand Prix. All teams in both groups have two spots each on the 2008 grid. One for each of their drivers determined through Qualifying on the Saturday of the race weekend (Sunday hosting the Grand Prix). The season sees the banning of traction control after it was re-introduced in 2001. 2008 also introduced two new street circuits. The Valencia Street Circuit and Marina Bay Street Circuit hosted the European GP and the new Singapore GP respectively. The Singapore GP was also the first Formula One event held at night.
Here is a link to the official Formula One site.