Ok you guys pretty much described camber. There is positive camber (top of the tire leaning away from the car) and negative camber (top of the tire leaing towards the car). The contact patch is the area of rubber that actually touches the ground.
So lets get real technical and you guys can scratch your heads for a while.
First positive camber on a race car is always BAD. Too much negative camber is also bad. So why?
First let me help you understand what happens to the tire on the race track. When the car enters a corner the ouside front enters BUMP. The suspension move up and the ouside tire moves down, REBOUND.
When this happens the angle that the tire is in relation to the track changes. The contact patch deforms under load due to the slip angle causing side thrust as the contact patch tries to resist deformation.
The tire angle changes in bump towards a positive angle and the ouside tire in REBOUND goes more negative.
Since we want to maintain as much flat area on the track during cornering and the outside front takes the lion share of the load in cornering it is important to never let the tire fall over into a positive camber position.
When you get to a positive camber the tire will tend to go turn toward the outside of the track caused by the change in geometry of the tire angle. so you can go from a compliant car to a while outside steer. I dont know how you like to race your car, but if I did that in my F2000 I might rip a corner off when I leave the track. (Can you say bad weekend!!)
the inside tire is important but I wont get into the details here since it can become mind blowing the first time around.
Now, the second factor when determining negative camber is too much is bad too. Why? Well the more camber you have the on the wheels creates less contact patch in a straight line. So the car will have reduced breaking capability. This isn't a problem if your one of those straight line guys but in road racing, the less time you spend in the braking zone is more time you can spend on the throttle, so a faster lap time.
There are a few good books out there on this stuff. Carrol Smith writes a few. Also you can read some posts from a guy called richard pare on f2000.com. This is a formula 2000 race site for guys that race pretty much everyweek in the US. Sorry mod no ad intended, just another avenue for people to get real answers from real racers.