^^^^ Uhm... actually, you *don't* need a high shutter speed for this. When executing a panning shot, what you want is a shutter speed of about 1/125. If your shutter speed is too fast - say 1/1600 sec - you will freeze everything in the pic, including the wheels. If your shutter speed is too slow, your pics will come out blurry. Also, if shutter is too slow, and you do manage to get a good picture, the wheels will appear to be spinning too fast - see my pic below - that car was actually going pretty slow but the motion blur on the wheels make it appear as if though it is moving very fast and hence is not an accurate depiction of the car's speed. Its easier to start with a faster shutter speed, say 1/200 and practice with that and gradually reduce the shutter speed to about 1/125.
Take this shot below (50D | 70-200 2.8L IS USM | 2x TC | F5.6 | 1/100 sec | ISO 160):
Finally, you can do it with any lens but having the stuff I list below will help.
1. a longer lens e.g. something in the region of 200mm
2. a fast lens e.g. F2.8 OR
3. a not so fast lens (F4) paired with a camera with high ISO capabilities
But like I said, you can do it with any lens. In fact, if you are sitting facing a grand stand you should try panning with a fisheye or even your kit lens at 17 mm. If you nail the shot say at 1/200, you'll be very pleased to get a very nice wide shot of an F1 car in motion, with a nice blur of the wheels to show motion as well as just a mild blur of the grandstand in the background.
Good luck and don't forget to post your pics!
Nik.