Tim's provided some good info there. Several years ago, I bought a scanner specifically for my weekends at MIS. It was pretty cool, but very difficult to hear over the roar of the engines.
Every race that I've ever been to has had a booth in the midway, renting scanners. You can purchase a list of all of the teams' frequencies for around five bucks.
And finally, "no", you cannot listen to the teams from your own home. The broadcast range is very small, the McDonalds DriveThru just thirty miles away from the track may be using the same frequency as Tony Kanaan! I do believe that the FCC limits the transmission power.
I would recommend a scanner - it adds a whole new dimension to your raceday experience.
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