This discussion is becoming quite nice to answer @Quasit's provocation, there are many other sports that should be included in which Italy could win many medals, like roller sports, other track cycling events, natural luge, speed skiing. Plus, I think that IOC should first of all consolidate and increase the agonistic level of the Olympics, (and this passes through increasing the number of athletes, according to me). OBVIOUSLY, (sorry, I get bored finding font modification ), if e-sport is included, I will cheer for Italy and won't get disappointed if it wins. And, as @Gianlu33 said, it isn't that impossible.
Regarding if motorsport is/isn't a sport, I think that is very physical: you have to be well trained to stand the g-force in the curves, so it also has a very physical aspect, and that's why it wouldn't total disappoint me. Plus, it would be curious to see karts and minibikes fighting for gold medals, maybe it could work.
A very interesting discussion regards the equipment. Let's assume for a second that motorsport enters the olympics. In that case I would agree with those saying that equipment should be standardized, because very small parts of the karts/bikes (At least in my knowledge) can be customizable for riders' confort. Quite different is the situation for other sports, in which the physical effort is still the key point, like in track cycling: there, almost all parts are customizable for every rider in order to optimize the efforts of the athletes. Probably, the truth stands in the middle: some rules for the equipment should be given in order to minimize differences given by the equipment. On the other hand, it would be very unfair for some nations to totally avoid technical development, so the solution would be that IOC should start giving out more sport fellowship to less developed nations and, most of all, create its own "training facilities" for these athletes so they can train with best equipment, maybe become expert in engineering (because, after all, fellowship is given also for studying) or stuff like that and then increase their own nation level.