The oldest horse race in the world is the Palio - over 700 years old!! However, it is more than just a horse race -- it is the essence (the core) of being Sienese (someone who is from Siena, Italy). I believe the following video captures this concept well as so little of the video is actually of the race -- most of the video shows the lead up to the race.

The following comments had been submitted in response to the above video that was originally posted on YouTube. I think it is interesting that the Sienese (those from Siena, Italy) take this event so seriously that they do want any outsiders around during the Palio.