As Peter Ustinov recounts the fictitious Grand Prix of Gibraltar, his cadence and tone could easily convince any half-listeners that he was reporting on some vintage racing spectacle that really did include "the little 42-liter Valhalla" as well as a shady Russian cameraman who cannot confirm nor deny any Soviet plans to build competition cars of their own. He voices a full cast of characters that we meet along the way, including the aforementioned Russian and the GP's chief steward, John Buttress, who provides instructions and information for the event including the details of a pink flag, which signals that guests of the Rock Hotel have voiced their complaints about the noise and the drivers should proceed as quietly as possible.
It's not the kind of comedy that will make you laugh out loud, but it's an antithesis to the worst pieces of the LOL generation of funny, and it'll leave a constant smile on your face if you've ever listened to any real race coverage. The race's inaugural speech by an aging Lord Weeps of Sebring is particularly good, starting at 30:05.
https://www.youtube.com/watch?v=mfchbxFoaOY