Dario Franchitti picked up his third win at the Indianapolis 500 while drivers and fans also remembered Indy 500 defending champion Dan Wheldon, who was killed in a race accident in October.
The Indy 500 was one of three major races run on this big weekend for race fans. Tune in to NASCAR on FOX's coverage of the Coca-Cola 600 beginning at 5:30 p.m. ET live on FOX. Earlier in the day, Mark Webber became the sixth different driver to win a Formula One race this year by winning in Monaco.
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3:42 p.m. ET: Franchitti takes a victory lap around the track with wife Ashley Judd and Dan Wheldon's widow, Susie, in the car with him.
3:31 p.m. ET: Second-place Dixon gives his teammate Franchitti a hug in victory lane.
3:24 p.m. ET: Franchitti takes a gulp of milk and gets a kiss from wife Ashley Judd. "I think DW [Dan Wheldon] would be proud of that one."
"Everybody up there was a friend of Dan's and everybody loved Dan."
"To be on the trophy beside Dan on either side, that means more than anything."
3:22 p.m. ET: The Scottish Franchitti climbs out of the car in the winner's circle with bagpipes playing in the background as he hugs car owner Chip Ganassi.
Checkered flag: Franchitti gets third Indy 500 win under checkered yellow flag. The four-time series champion also won in 2007 and 2010. He picked up all three of his wins under yellow. The other three-time Indy 500 winners: Louis Meyer, Wilbur Shaw, Mauri Rose, Johnny Rutherford, Bobby Unser, and Helio Castroneves.
YELLOW FLAG! FRANCHITTI WINS RACE AS SATO SPINS IN TURN 1!
White flag: Franchitti leads with Sato right behind him.
2 laps to go: Dixon to third, Franchitti first and Sato second.
3 laps to go: Dixon, Franchitti and Sato.
4 laps to go: Dixon and Franchitti staying close down the front stretch as Franchitti takes over again.
5 laps to go: Sato takes over third as Dixon takes over top spot.
6 laps to go: Green flag! Kanaan leads them to the start-finish line, but Franchitti and Dixon take over. Word is Kanaan has enough fuel to finish the race.
9 laps to go: Kanaan's best finish was second in 2004. In his 11th start at Indy, can he hold on to get the win?
Twitter: @MrSteveMatchett (SPEED Formula One analyst Steve Matchett) "Wow, this fuel consumption strategy is fascinating."
10 laps to go: Kanaan leads field under yellow as workers clean up mess from Andretti's crash.
YELLOW FLAG! Andretti Curse strikes again as Marco crashes out of the Indy 500. Andretti lost grip after going under the white line on Turn 1 and took a big hit to the wall. His grandfather Mario remains the only Andretti to win the Indy 500 for at least another year.
13 laps to go: Kanaan takes over race lead again.
15 laps to go: Franchitti leads with Kanaan in second, polesitter Briscoe in third and Dixon in fourth.
16 laps to go: Green flag! Tony Kanaan takes over top spot on the restart. Fans give him a big cheer as he comes down the front stretch before Franchitti retakes the lead.
18 laps to go: Word from pit row is no driver will be stopping. Is this a sign that drivers think they can get to the end with the fuel they have?
YELLOW FLAG! Carpenter spins and brushes the wall. Lots of near misses in the short chute between Turns 1 and 2.
20 laps to go: Franchitti leads field as car past start-finish line.
Lap 178: A new record with 30 lead changes with Dixon taking back the lead. Previous record of 29 was set in 1960.
Lap 177: Ed Carpenter takes back-up car to third spot with pass of Sato.
Lap 176: Franchitti takes over lead again to tie the record for most lead changes.
Lap 174: There have been 28 lead changes this race, one off the record for the Indy 500.
Lap 173: Dixon and Franchitti switch spots again on the backstretch. Is second-place the better spot to be in to conserve fuel?
Lap 171: Franchitti takes lead with Sato and Kanaan on Dixon's tail.
Lap 170: Green flag! Three-wide going into Turn 1 as Wilson gets around Sato. Dixon leads with Franchitti in second.
Twitter: @BourdaisOnTrack (Sebastian Bourdais) "Last pitstop for Seb // Dernier pitstop pour Seb #Indy500"
Twitter: @AshleyJudd (actress and wife of Dario Franchitti Ashley Judd) "@dariofranchitti is making his last stop and the bag pipes begin to play....it all comes down to this."
Lap 167: It'll be a stretch, but expect at least one driver to try and make it all the way without stopping again. It'll be interesting to see who gambles and who actually can make it to the finish.
Lap 166: Pits are open. Leaders coming in, including Sato, Franchitti and Dixon. Will drivers gamble by taking on fuel now in hopes of making it to the end without another stop?
Lap 164: Dixon picks up the pace car as leader of the race.
YELLOW FLAG! Josef Newgarden loses power and stops on the backstretch on Lap 163.
Lap 160: Franchitti leads with 40 laps left. If he can win today, he'll become the seventh driver to win three Indy 500s.
Twitter: @darrenrovell (CNBC Sports Business reporter Darren Rovell) "The 1st Indy 500 champ Ray Harroun got $14,250 in 1911. Factoring in inflation, today's winner will get 675% more."
Lap 156: Wilson takes over fourth spot from Hinchcliffe on the backstretch followed by Kanaan getting around him.
Lap 153: Franchitti takes over the top spot with Dixon quickly taking the second spot from Sato.
Lap 152: Green flag! Sato leads the single-file field down the frontstretch. It gets a little squirrely in the field behind him.
Lap 150: Sato, Franchitti, Dixon, Hinchcliffe and Wilson round out the top five as they continue to circle the track under a yellow flag.
Lap 149: Andretti makes a quick stop for a splash of fuel.
Twitter: @AshleyJudd (actress and wife of Dario Franchitti Ashley Judd) "In leading laps today at the Indy 500 @dariofranchitti can move from 15 to 14 on all-time laps led at @IMS!!"
Lap 145: Sato, Franchitti and Dixon pit from the top of the running order.
YELLOW FLAG! Sebastien Saavedra stops in a precarious spot on cool-down lane on lap 145.
Lap 142: Andretti complaining of severe vibration in car. His teammate Hunter-Reay had complained about a similar issue before having to retire from the race with issues. He also says there's some problems with the rear tires and is coming in pit lane.
Lap 140: Sato continues to be first Japanese driver to lead the race. He's followed by Franchitti in second, Andretti in third and Dixon in fourth. How will fuel strategy shape this top four as we get closer to the end?
Twitter: @MrSteveMatchett (SPEED Formula One analyst Steve Matchett) "Cool to be watching Indy as a fan; learning and enjoying. Would love @grahamrahal to win this, cool guy, got to know him in Las Vegas, 2008"
Twitter: @MarioAndretti (Mario Andretti) "So hot Marco says his boot is melting to pedal"
Lap 128: Hunter-Reay getting pushed back to garage. Owner Michael Andretti says something was wrong with the rear upright on the back of the car.
Lap 126: Sato in race lead with Franchitti close behind in second. Dixon farther back in third with lapped car between them.
Lap 125: Hunter-Reay shuts off the car in pit lane, told the crew something broke in the back.
Lap 124: Former Formula One star Rubens Barrichello becomes eighth different race leader then heads to the pit lane.
Lap 123: Hunter-Reay slowing on the track as Andretti and Sato take to the pit lane.
Lap 120: Tire bits litter the backstretch, but who did they come from?
Lap 118: Leader Dixon ducks into the pits for gas and tires. Sato takes over as leader of the Indy 500. Kimball and Wilson among others who come in.
Lap 117: Andretti back up to sixth spot. Willl his earlier gamble getting fuel pay off as the end of the race gets closer? Franchitti is in the pits for gas and tires.
Lap 115: Rahal getting tires and fuel in the pits. Castroneves also in the pits complaining of issues with trying to turn the car.
Lap 113: With Hunter-Reay falling behind to get gas and tires, top six spots are all powered by Honda.
Lap 112: Target cars Dixon and Franchitti are staying on target in first and second spot. Hunter-Reay is heading to the pits under green.
Lap 109: Briscoe says he's having problems changing gears, which caused him to slow a bit. He's currently in 17th spot.
Lap 100: HALFWAY MARK! Dixon leads, followed by Franchitti, Hunter-Reay, Rahal, Sato, Wilson, Kimball, Hildebrand, Jakes, Bell.
Lap 95: Green! Four of the top five cars are owned by Ganassi. Double-wide action on backstretch.
Lap 92: Beatriz tries to drive back to pits but causes traffic jam with cars coming from their pit stops.
Twitter: @AshleyJudd (actress and wife of Dario Franchitti Ashley Judd) "Tough for Will Power & his team. Heard him say earlier the track still confuses him at times. There is a reason they call @IMS 'a beast.'"
Lap 91: Cars in the pit, including Andretti, Sato and Hinchcliffe. Left rear gets stuck on Hinchcliffe's car, which causes some delay for him. Dixon inherits lead with Franchitti in second.
YELLOW FLAG! Turn 1 crash by Ana Beatriz. She lost control of the back end of her car, tapped the wall and lost her back wing. She was the highest qualifying female in the race, starting 13th in the race.
Lap 90: Andretti passes Simon Pagenaud, who is a lapped car.
Lap 88: Green flag racing! Andretti stuck between lapped cars. He complained to his crew during the caution that the heat is affecting the soles of his racing shoes.
Twitter: @AshleyJudd (actress and wife of Dario Franchitti Ashley Judd) "After being tapped and spun in the pits, @dariofranchitti has systematically marched under green flag racing from 25th to 3rd. Historic?"
Lap 83: Top five following the pace car under caution: Andretti, Dixon, Franchitti, Sato, Briscoe.
Lap 81: This accident puts a finish to Power's three-race winning streak entering the Indianapolis 500. Car owner A.J. Foyt says Conway had wing issue and was going to come back in to have it changed. Both drivers are out of their cars. Replay shows wheel from accident barely bounces off Castroneves' right front tire as he ducked on to cool-down lane to avoid accident.
Twiiter: @IndyCar (IZOD IndyCar Series) "Race Control: Drive through for #7 @BourdaisOnTrack for pit speed violation at pit in."
YELLOW FLAG! Huge crash on Lap 79 with Mike Conway and Will Power involved. Conway loses control on Turn 1 after coming back on track and hits the wall - Power had nowhere to go. Conway rides the outside wall with all four tires off the ground.
Lap 79: Charles Kimball takes lead before peeling off for pits. Mike Conway gets drive-through penalty for hitting two crew members in pits.
Lap 78: Interesting pattern developing on this round of pit stops, the Target Chip Ganassi Racing cars are getting about 2-3 laps more on fuel compared to their rivals.
Lap 76: All three Team Penske cars pit at the same time -- Briscoe, Power and Castroneves.
Lap 75: Andretti hits the pits under green flag.
Lap 69: Sato takes over third place after passing Hinchcliffe.
Lap 68: First mention of the Andretti Curse on the televised race.
Lap 65: How's this for parity? Of the top six, three are Chevrolet powered (race leader Andretti, third Hinchcliffe, fifth Briscoe) and two are Honda powered (second Dixon, fourth Sato, sixth Franchitti)
Lap 63: Takuma Sato takes fourth spot from Briscoe. Top five: Andretti, Dixon, Hinchcliffe, Sato, Briscoe. A total of 13 lead changes so far.
Lap 60: Hinchcliffe takes third place from Briscoe using the draft. Dixon sits in second place with Andretti pulling ahead of the field with a one-second lead.
Lap 58: Rahal tells team he's having some trouble drafting other cars in the race.
Twitter:@AshleyJudd (actress and wife of Dario Franchitti Ashley Judd) "Can I just say I think it is so hot the way my @dariofranchitti just picks people off with such grace & poise? Thanks Jackie Stewart!"
Twitter: @MarioAndretti (Mario Andretti) "Marco appears comfortable & confident"
Lap 50: Andretti takes over lead again at the quarter-point of the race as most of the field finishes up their pit stops.
Lap 48: Franchitti and Scott Dixon in the pits. Let's hope Franchitti's pit stop is better than the last one. Newgarden stalls it in the pits again.
Lap 47: Pit row gets busy as other cars take green-fglad stops, including Helio Castroneves, Graham Rahal and Will Power.
Lap 46: Briscoe comes in for pit stop. Last year's polesitter Alex Tagliani takes lead.
Lap 45: Andretti makes green-flag stop from the lead. Briscoe takes over top spot. Fuel and tires but no other changes.
Twitter: @Alesi_Officiel (driver Jean Alesi) "Thanks to all of u for your support !! Hope to see u next year. Now it is time to prepare the next #indy500"
Lap 44: Hinchcliffe makes a green-flag pit stop from second place.
Lap 42: Andretti holds three-second lead over second-place driver -- and Andretti Autosport teammate -- Hinchcliffe.
Twitter: @willbuxton (SPEED Formula One pit reporter Will Buxton) "Nobody in the F1 media centre taking any pleasure in watching this Lotus fiasco at Indy. A sad event in the history of a fine racing marque."
Twitter: @BourdaisOnTrack (driver Sébastien Bourdais) "The team is going to make a rear wing adjustment during the next pitstop #Indy500"
Lap 36: Andretti has now led 15 laps -- the most of any leader of the race so far today.
Twitter: @AshleyJudd (actress and wife of Dario Franchitti Ashley Judd) "Lap 33, @dariofranchitti turns fastest lap of the race. @IndyCar"
Lap 33: Alesi says in an interview that he will be back next year despite being black flagged today because of his slow car. Let's hope he brings a better engine with him.
Twitter: @WillBuxton (SPEED Formula One pit reporter Will Buxton) "Well done Lotus. You've gone and embarrassed two fine racing drivers there. #Indy500"
Lap 24: Andretti takes lead back -- nine lead changes so far for this race. Oriol Servia comes in for a tire change after having a tire go flat.
Twiiter: @IndyCar (IZOD IndyCar Series) "Incident between Viso and Franchitti on pit lane was investigated. No action taken. #Indy500 #indycar2012"
Lap 22: Briscoe retakes the lead after using the draft to get past Andretti.
Lap 20: Lead goes to Marco Andretti. Meanwhile, Newgarden has a drive-through penalty for a speed violation in the pit lane during the yellow flag.
Lap 19: Green flag! Cars go four-wide into Turn 1. Ryan Briscoe takes the lead.
Lap 16: Drivers come to pit row under the yellow. Dario Franchitti gets punted in the back by E.J. Viso and needs to have his front wing replaced after hitting a Panther Team tire. Rookie Josef Newgarden stalls in the pits.
Lap 15: Alesi and de Silvestro have been black flagged due to the lack of pace by the Lotus cars. Both are parked in the pits as the pace car picks up the field.
YELLOW FLAG! Bryan Clauson spins in Turn 2 but saves the car from hitting the wall. He'll still need a tow due to a flat left front tire.
Lap 14: Andretti takes second spot from Hinchcliffe.
Lap 11: As has been the case all month, the Lotus cars of Jean Alesi and Simona de Silvestro are almost 10-12 mph off the pace. The qualified in the last two spots in the field.
Lap 10: Top three drivers are pulling away from field with Briscoe, Hinchcliffe and Andretti leading the race.
Lap 8: It's not a good start for Graham Rahal, who is reporting he's having an issue with a fuel pressure alarm on his car. His crew is telling him to ignore it.
Lap 6: GoDaddy! Hinchliffe takes the lead from Briscoe with Marco Andretti hanging close behind in third. Quite a difference for Hinchcliffe - last year he finished 29th in his Indianapolis 500 debut.
Lap 2: James Hinchcliffe leads the first lap, passing polesitter Briscoe right before the start-finish line.
Lap 1: Polesitter Ryan Briscoe leads the field to the green flag!
12: 15 p.m. ET: Chevrolet has won all four races so far this season and 16 of the 33 drivers in today's race will have a bowtie at the front of their cars. But will they be able to beat the extreme heat today? As drivers gets ready to start the race, it's already 86 degrees in Indy.
12:11 p.m. ET: Cars roll off for parade laps behind the pace car. Some balloons have made it on to the backstretch, which drivers are trying to avoid.
12:09 p.m. ET: Mary Hulman George gives the "Ladies and gentlemen, start your engines!" command. And the balloons are in the air!
12:07 p.m. ET: Jim Nabors's recorded voice sings "Back Home Again in Indiana" before the race starts -- he couldn't make the race this year due to illness.
12:04 p.m. ET: American troops are honored with the playing of "Taps" and a gun salute. As the salute is played, Dan Wheldon's Indy 500-winning car takes to the track with car owner Bryan Herta behind the wheel.
11:56 p.m. ET: Martina McBride takes the stage to sing the National Anthem with the traditional flyover by the American military before the start of the race. Twitter: @keselowski (NASCAR driver Brad Keselowski ) "Martina mcnride never gets older... Dang"
Twitter: @MarioAndretti "Getting in 2-seater to lead the field at Indianpolis! Always pressure & honor to be at Indy. Thanks to all the fans for coming out @GoDaddy"
11:40 a.m. ET: With introductions over, the drivers pose on the yard of bricks for an official photo before getting prepared for the green flag.
11:33 a.m. ET: Driver introductions beginning with the back row, including Indy 500 rookie Jean Alesi, who will be starting in the last spot. Driver Scott Dixon takes to the podium with his Target sponson's dog mascot. Introductions end with polesitter Ryan Briscoe to the delight of fans.
11:20 a.m. ET: Aussie! Aussie! Aussie? Earlier this morning, Australian Mark Webber took the checkered flag in the Monaco Grand Prix. Is that an omen for the Aussies in today's field, polesitter Ryan Briscoe or Will Power?
Twitter: @SarahFisher (car owner) "Hoping for a safe and successful race today. The kids are ready to go!!! Now, hurry up and wait. ;)"
11:00 a.m. ET: Polesitter Ryan Briscoe will be leading the 33-car field to the start line. Check out the starting grid to see where your favorite drivers will be.
The race will start at 12:15 p.m. ET. Before the cars take the green flag, pre-race festivities include driver introductions (11:33 a.m. ET), the traditional singing of "Back Home Again in Indiana" (12:06 p.m. ET) and balloon release to signal the cars rolling off the grid. The Command to Start Engines will be given at 12:07 p.m. ET.
