A bar cycle is a bunch of yuppie idiots riding their bicycles to one local dive bar and shitty hole in the wall after another on a list created for the event in a vain attempt to act like the real bikers with their motorcycles going on Fun Runs and Lady Runs; but in this sense with the space eclipsed, a barcycle is a barstool mounted to a platform with four wheels, a small 50cc two-stroke engine or bigger, and all the gearings and linkage to make this deadly thing operational are attached.
Although, I am almost positive the person I saw tooling about the pits at the drag strip was on his own privately manufactured barcycle, making the only possiblity of owning one of your own is building it yourself. So, go forth, manufacture a barstool go-cart of your own, and make the next walk of shame to the head after one too many pints a little more graceful.