Nelson was chasing down eventual winner Cameron Jackson in the second HSCC Historic Formula Ford Championship when their motors collided at high speed and he was flipped through the air.
His Crossle 20F caught fire after slamming back to the ground and was soon engulfed in flames.
Hero driver Grant stopped his vehicle and ran back to rescue his fellow racer by flipping the car back over.
Dramatic pictures show Grant and an onlooker at Cadwell Park braving the growing flames and pushing the vehicle back upright, while Rowe is stuck upside-down.
Fans rushed towards the crash with fire extinguishers as the racing community pooled together to help Rowe.
The formula double champion Brit managed to walk away from the smash towards an ambulance.
Paramedics checked on him and while he was able to move OK, the racer looked shaken.
Oil on the track slowed the race in the second half and new championship leader Jackson described the course as being "like ice".
The terrifying smash caused a lengthy delay, allowing the rest of the field to get back into position.
Grant amazingly took second place after completing his rescue mission while Jackson was crowned winner.
Serbian football team Red Star Belgrade's open-top bus was set ablaze while the club celebrated winning the SuperLiga.
Local reports claim the fire started when one of the players carrying a flare accidentally lit the oil that had apparently leaked from the bus.
A Red Star spokesman is quoted as saying in one report "there is no reason to worry" and that there were no injuries.
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