The freeze rally is a combat racing event featured in Jak X: Combat Racing. A time-based race, you have to drive on a track on your own while a timer ticks up. To freeze the timer you can collect tokens that look like clocks. These tokens can either stop time for 2, 5 or 10 seconds and can only be picked up once. The more tokens you collect the frostier the edges of your screen get (though it will slowly thaw until you collect another token).
A freeze rally has only two laps, so you will have only one chance to get all of the freeze items, as each are scattered far enough apart to force you to choose between them. Upon collecting all items you will get a bonus time reduction of 10 seconds, which is deducted from your final time after crossing the finish line. The lower your final time, the better your score. Note that if it is necessary to go out of your way to grab a token (especially the 5 or 10 second ones) it is generally always worth it, particularly if they are the last in your set.
Speed and control is essential here, and you will want to be going full turbo most of the time while power sliding to actually generate said turbo. Collecting all the tokens is the most important, to achieve gold in the tougher tracks it is often needed to collect all tokens for the extra bonus.