In the PAL version it begins with "moon over castle" and then changes to Kasabian - Reason is Treason when the cars pull out of the pits
Couldn't agree more about the Shelby Cobra having the nicest, purest engine noise, it's simply beautiful.
Not sure about the "equipping exhaust upgrade makes engine sound whiney" though. In all the GT games since GT2 I've always found the exhaust makes it sound louder and rougher. Gotta admit I haven't really tested it with all the V8's yet, but for most cars eg. EVOVIII , with a racing exhaust it sounds incredibly loud and rough, almost like there is no muffler at all!