Rather than spend large wads of money on longer glass, think about renting.
I rented a 500mm f/4 IS L for the British MotoGP at Donnington earlier this year. Had it for three whole days and it cost £100. And thats one expensive lens.
Once you bite the bullet and start thinking about long lenses, you will need to also think about a monopod. I dread to think what my muscles would have felt like after a day of hand-holding the 500!
You're suggesting that the OP should start off running when he really needs to learn to use the gear he has and work on from there. You did note that the OP has a 500D didn't you?
£100 would buy him a longer lens - OK maybe not a 500/4L - which would be useful for all sorts of other photography as well.
Incidently if you went to Donnington(sic) you perhaps didn't see much MotoGP action - that event was at Donington this year...............

