Sure, you can go as fast as you want on a dry lakebed like California's El Mirage. Things just won't necessarily go perfectly.
Here's how the Serenity GT-R team describes what went wrong with this record run attempt.
Serenity GT-R catches a rut and spins at El Mirage in November 2014 at 187 mph attempting to break our own 191 mph run from October 2014. Serenity was on a pass and with over 600ft to the finish line, we were on pace for 196 to 197 if she would have staying straight. Follow us in 2015. We are adding 500 hp and hope to run 220 or better!
You know land speed racing is addictive when this kind of thing happens to you and all you want to do is get back out on the flats.