Following a track/path

I'm trying to create a game that is similar to Boost for the iPhone (seen in this video here http://www.youtube.com/watch?v=QchMPSXc3_0). I have a 'spaceship' that I want to follow the curvature of a track, which bends left-right and up and down, where the player can move left and right as they follow the track. I have tried several methods, including manually creating waypoints which the ship can follow. However this is not ideal for two reasons: they are manually created (and there are several different pieces of track) and they do not allow fluid movement around the track (as this would mean alot of waypoints). Is there a simpler/more elegant solution to this?

I would say that waypoints with cubic interpolation between them is the solution.