Can you record replays?. I haven't even looked. the only way that I know of is after the race, there is an option to watch the replay. Actually, it starts playing right after the race is done.
...oh wait, there is a record button in there isn't there?. Well.. I'm going to guess that it saves it in the Trailer. Just turn around to the "My Stuff" area. I'm guessing they will be stored in there?