Rennen, Rasse, Lauf, Wettlauf, Geschlecht, Wettrennen
This is mingling two different meanings, one of which doesn't relate to the main lemma:
(heritage) Rasse, Geschlecht
(contest) Rennen, Lauf, Wettlauf, Wettrennen
(see also wiktionary
). Such constellations occur frequently, so you might want to apply these look-ups recursively.
For the translation of that sentence, the "private parts" part is OK, but I would translate to wave not with winken, but with wedeln. However, that'd be more ontopic at languagemonks ;-)