Stiffy,
Do not wait another day to try and find and secure a hotel room. Monterey Car Week is one of the most significant gatherings on the planet for historic car nuts. I see you are from Melbourne, our local group has friends who come over from Australia every year. Some in the group going to Monterey for 35 years, every year. I've been going on/off for the past 15 years myself, skipped the past two years - but not skipping this year. Its a must do at least once, and something not to miss this year in particular with 50th anniversary of you know what going on. Heads up, rooms are very expensive during this time. Many of us go on return waiting lists just to get a room Thursday through Sunday anywhere on the Monterey Peninsula during car week. Usually, its a four night minimum on rooms at most lodging locations on the peninsula. The track at Laguna Seca on Sat or Sun over the weekend, maybe Concours Italiano on Friday, and if you like high end older fancy stuff and maybe seeing some new prototype cars, Sunday at Concours De Elegance at the lodge at Pebble Beach Golf course is cool to do at least once. Checking out the auctions in downtown monterey is lots of fun too in the evenings on Friday and Saturday nights. If you like vintage, or vintage race cars, you can see more here in one week than many other events all year long. Good Luck.
Here is another website to check out for all the major events:
Monterey Car Week, Monterey, California, your only source for complete events schedules and local information.*