You can't go wrong with a Team Associated SC10, or a Traxxas Slash. Of the two I mentioned, the SC10 is more nimble of the two, maybe slightly more delicate, but still tough as nails. The Slash is pretty much synonymous with bashing, and will take beatings.

I have an SC10 and LOVE it, every hobby shop stocks parts for it should something break, they are phenomenal trucks. I don't really race, but I do drive once a week at my local tracks here in so. cal (OCRC and WCRC). Like others said, it is better to spend a little more up front than what you might have anticipated, because you will likely spend more in the long run if you decide to upgrade parts. Oh yeah, LiPo batteries are amazing, if you play your cards right, and get your set up dialed, you can easily drive your truck for over 20 minutes with them. Just be sure to read all of the precautions.

I know it is a lot to absorb (i recently got back into the scene as well), but in due time, you'll be rubbing lexan with guys on the track, and know what is working, and what isn't working with your vehicle. This site is a gold mine of information, just read, ask questions, go to your local track, ask questions, etc..

Hope that helped.