I always thought that "rice rockets" referred to fast Japanese cars in the same way that "pasta rockets" referred to fast Italian cars.
"Rice boys" on the other hand are the guys whose cars are "all show and no go", or maybe guys who put higher-spec badges on their lower-spec car, like the guy with an FPV badge on his Focus or the guy who puts a "turbo" badge on a Ferrari that doesn't have a turbo, or the retard who put ST stickers all over a base-model Fiesta (oh, wait, that was me).