Racicot started his National Hockey League career with the Montreal Canadiens, for whom he played from 1989 to 1993, and won a Stanley Cup with in 1993. Racicot is perhaps unfairly best remembered for his infamous nickname, "Red Light", earned by allowing 3 goals on 6 shots in his first NHL game. The Nickname was first used by Don Cherry in 1991, although Racicot had the NHL's second-highest winning percentage that season and a slightly worse goals against average than Patrick Roy. While he spent most of his career playing as Roy's backup, he had a very successful career in the Quebec Major Junior Hockey League and in the American Hockey League for the Canadiens' farm teams, sharing the Harry "Hap" Holmes Memorial Award for fewest goals allowed in the AHL in 1990.