Hi! Finally It appears I managed to solve the problem with the flashing boost bar.
First you need the Microsoft Application Compatibility Toolkit
Run the program named "Compatibility Administrator".
On the top you can see a folder named "Applications". Open it and search for "Star Wars Episode I : Racer". Copy this entry and paste it into the the bottom folder named "New database(1) [Untitled_1]" then select this folder rename it accordingly (Racer fix for ecample) and save it somewhere (File ->Save).
Now that we saved it we can "Install" this "Racer fix" database.
Now every time you run the game the windows will apply this fix.
Play the game and have fun. Hopefully the screen is not white and you can use your turbo-boost.