As shown in this video, shot by Gearhead Flicks, the explosion itself actually isn't all that dramatic, aside from the fact that it happens at ludicrous speeds. Fire immediately begins licking out of the engine compartment (and right along the driver's window), but the driver gets the car stopped and gets out safely even as smoke begins boiling into the cabin.
Then the pyrotechnics really begin.
Sitting on the runway, emergency vehicles close at hand, the custom C6 Corvette proceeds to burn like a nitrous candle despite the crew's best efforts to put the fire out. The end result? Corvette barbecue, Texas-style.