Grant is right, it comes down to dealer discretion. I had this problem with my 996. The car was lowered, upgraded to GT3 brakes, suspension, and seats, had a roll-cage with 6 point belts, etc. So it was obviously a track car. My dealer did minor warranty work on it for two years (including the rear main seal and coolant overflow TSBs), without a word.
However, when I started to have problems with the check engine light and they could diagnose and fix it after three tries, they used the clause Grant mentions in the warranty guide to cancel my coverage and charge me over $2K for repairs. I appealed it to the zone rep and all he did was make sure it was put into the national computer so I couldn't take the car to another dealer
I think this is pretty unique and I haven't heard it happening to many other people but legally PNMA can deny warranty coverage on the powertrain, brakes, suspension and probably a few other things if they know you are tracking the car.
The best part was when I told the zone rep that there were lots of PCA members who would be shocked to learn that taking their Boxsters and 996s to a DE could void their warranty. He actually suggested I should warn them. Can you imagine?
Karl