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”It`s going to be more of a driver`s skill race, in my estimation, than one of raw speed,” Fleishman adds. ”You`re going to have some good speed down the back stretch and along the beach before they get to the breakwater-probably in excess of 100 m.p.h. on Sunday, when you`ve got boats capable of 120 or 130 m.p.h. on a straightaway-but they`ll have to throttle it back for turns, the same as an Indy car.”

The boats will be ensconced in wet pits at Diversey Harbor from 9 a.m. to 6 p.m. Friday through Sunday, and the public is invited to drop by and ogle these leviathans.

Though certainly the centerpiece, the powerboat challenge is one of several exciting (and promoter-friendly) events, including the Sea-Doo water vehicle demonstration, the American Airlines Water Ski exhibition, Ford Trucks Jump Boats and 7-11 Illinois State Lottery Hovercraft competition.

In less prolix and promoter-heavy terms, that`s (respectively) stunts on Jet Skis, stunts on water skis, specially made 14-foot boats jumping on ski ramps and more than a half-dozen Hovercraft negotiating a tricky land-and-water course. All these will take place on and near North Avenue Beach.

In the air: military

1 to 5 p.m. Saturday and Sunday

Until 1947, there was no such thing as the U.S. Air Force per se, but that didn`t stop hundreds of flyboys from earning their wings in the European and Pacific theaters during World War II as Navy and Marine pilots and in what was known as the U.S. Army Air Corps. Among those in the Army Air Corps was the highly decorated 332nd Fighter Group, the legendary ”Tuskegee Airmen.”

The 332nd was the first all-black unit of pilots, flying thousands of escort missions for bombers over Europe and North Africa. This year, the squadron-many of whose surviving members live in the Chicago area-will be the honored guests at the Air & Water Show, where they will have a special section of the grandstand on North Avenue Beach set aside for them.

In more recent engagements during Operation Desert Storm, the Air Force, along with Navy and Marine flyers, quickly established air superiority, enabling the Allies to pound Iraqi ground forces and selectively target military installations in populated areas. Many of those aircraft will be demonstrating their capabilities during the show as part of its salute to the U.S. military.

Certainly the oldest of these is the workhorse B-52 Stratofortress, which became part of the Air Force arsenal some 35 years ago. And the new kid on the block is the F-117A Stealth fighter jet, which received its baptism of fire during the Gulf conflict.

According to Air Force Lt. Col. Robert Winkleman, ”The Stealth fighters were the ones who went after the high-priority targets with precision-guided munitions and were able to get in and get out undetected, without having a glove laid on `em. We didn`t lose any, we didnt even take any hits. We think that was a very visible demonstration of invisibility.”

Another unusual craft flying in this year`s show that saw action in the gulf is the Marine Corps` AV-8B Harrier Jump Jet, one of the few VTOL

(Vertical Take-Off and Landing) jets in the world.

Back by popular demand, for the third consecutive year, is the U.S. Air Force`s Thunderbirds flight demonstration team. This elite squadron of six red, white and blue F-16 Fighting Falcons fly at subsonic speed in precision formation.

Another visitor to the show, the F-15 Eagle, also saw action in the Gulf. An F-16 also can be seen on the ground at North Avenue Beach along with other high-tech weaponry used in Operation Desert Storm. In addition, the Army Golden Knights parachute team will leap from planes two miles high, trailing red smoke at speeds of 150 m.p.h.

In the air: civilian

1 to 5 p.m. Saturday and Sunday

Every year sees the introduction of yet another new and more spine-tingling daredevil aerial act. This time around, Chicagoans get their first fleeting glimpse of the Nerveless Nock Brothers.

Eugene A. Nock, a veteran of countless movies and TV specials for Disney, NBC and Seaworlds of Texas and Florida, pilots the duo`s helicopter. Dangling on a trapeze suspended below is younger brother Mickelangelo Nock. And yes, he will be drinking that glass of Slim-Fast.

Also new this year is aerobatic pilot Julie Clark, who will be performing synchronized smoke and music maneuvers in a T-34 aircraft, and Joe Frasca`s Precision Aerobatic Aircraft, in a performance that includes torque rolls, tail slides and a 360-degree snap-around-the-turn.

Returning to the show is the Holiday Inn Aerobatic Team, flying four Pitts Special S-2 biplanes. These lightweight but extremely strong aircraft will perform everything from barrel rolls to 360-degree loops.

Also flying a Pitts Special S-2B is Downers Grove`s Tim Nealey, appearing in his ninth Chicago Air & Water Show. The veteran performer dances across the sky, executing hammerhead stalls, Cuban eights and point rolls, among many difficult maneuvers.

Displays, etc.

The MDM Group goes that extra mile and dreams up various methods for making the show a real hands-on affair for those not content to get supine, watch the show utterly passively for a few hours, then pass out from heat exhaustion.

Foremost among these dandy ploys is the Friday morning party at North Avenue Beach and live remote broadcast with WLUP AM/FM`s Jonathon Brandmeier, fresh from his disastrous TV series debut. Running from 6 to 10 a.m., the shindig will feature music, free Eagle-brand snacks, a special on-site drawing for two Jet Skis and a Ford F-150 Nite Truck.

The Polaroid OneFilm photo contest challenges amateur and professional photographers to come up with the best photograph in four categories: best air shot, best water shot, best spectator/crowd shot and best overall shot.

And the public is also invited to get up close and personal with an F-16, a 60-ton M1-A1 tank, a Bradley Fighting Vehicle and other Desert Storm equipment at the North Avenue Beach display. It also includes Al Unser Jr.`s Valvoline Indy Car, a Miss Budweiser Unlimited race boat, Hovercraft and more. For more information, call 708-498-5071.

Getting there

The best way, obviously, to make it to the prime viewing area between Diversey Harbor and Olive Park is to follow the example of the Army Golden Knights and jump out of an airplane two miles up and drift down to the beach with a parachute.

Taking into consideration the expected turnout and the road construction on Lake Shore Drive and elsewhere, for the rest of you it`s going to be heck. Some tips:

– Parking for the show is available at the East Monroe parking garage, where free shuttle service runs to North Avenue Beach from 9 a.m. to 6 p.m. Saturday and Sunday. Shuttles for the handicapped will also be available from the garage.

– Handicapped parking will be available as well: take Fullerton east to Clark and go south on Clark to Webster or Dickens. Turn left and proceed to Stockton in Lincoln Park, where you will turn right. Take Stockton to Ridge Connection Drive, just south of the Farm-in-the-Zoo, where parking can be found.

– There is no parking in Lincoln Park, and parking on the grass and on Lake Shore Drive is absolutely prohibited. (Cub fans are advised to avoid Lake Shore Drive.)

– Organizers strongly recommend taking mass transit. There will be extra CTA service on the No. 72 North Avenue, No. 22 Clark Street and No. 151 Sheridan Road buses. Mass transit riders can catch them at the Damen and North Avenue stop on the O`Hare rapid transit line or at the North and Clybourn stop on the Howard line, which will be running in the subway this weekend.

– For boaters, the restricted area is just south of the mouth of Diversey Harbor for about three-quarters of a mile due east and southeast and two miles south to the midpoint of the outer breakwater of Chicago Harbor.

– Traffic and weather advisories can be heard on WGCI-AM 1390 and FM 107.5 and WBBM-AM 780. In addition, WGCI will broadcast water activities from 10 a.m. to 1 p.m. Saturday and Sunday, and WBBM will cover air events from 1 to 5 p.m. both days.

WBBM-Ch. 2 will broadcast a one-hour prime-time special at 7 p.m. Tuesday on the show. It will be repeated at 10:30 p.m. Aug. 3.

What: Air & Water Show

Where: North Avenue Beach

When: 10 a.m.-5 p.m. Saturday and Sunday (exhibits open on Friday)

How much: Free