How much do repairs cost?

Hmmm let me see.
Up to 70 times the cost of a track day or skid pan day according to data mine's costing.

All of a sudden flogging it on the street doesn't sound so cheap compared to a off street thrash day.

your original scraping sound (metal on metal) is caused by the hand brake shoes scraping the inside drum part of the rear brake rotor, this is common among falcons and commys (mine does it), what you've most likely done is sent the inside drum part that the handbrake sits in, a little more out of round, simple way fix this is to get the rotor and the inside drum machined

xrcism, surely you dont want to end up a statistic? ive seen "skids" go worng and they are not pretty sights. youre still learning how to drive, the more years, the more experience ya have so have some respect for the other people on the roads. you wouldnt have this problem with ya car if you werent being stupid, so serves yaself right. ya want to do burnouts, enter into the summernats burnout comp next year. Gary Myers knows how to a great "skid" im sure he doesnt do it on the streets.

smarten up young fella, think before you act