I have an old record "Peter Paul and Mary in Concert", and in one of Paul's comedy introductions, he was talking about drag racing.

It was something like this(not guaranteed to be word for word):

"They hold up their two fingers...
You may remember Winston Churchill during the war years....
Which everyone assumed was a V for victory.
But you might also remember, Winston Churchill smoked a cigar....
He used to hold it in there.....
And every now and then, he would turn to his friends and say:
'Wanna drag?'"

Jenny