Police said a Honda Accord that 29-year-old Smith was a passenger in was trying to turn left when it collided with a Chevrolet Camaro.
The Camaro struck the passenger side rear of the Honda, causing it to separate into two sections.
Authorities estimated the Camaro was traveling at least 80 to 100 mph when the crash happened.
Smith was transported to Carolinas Medical Center, where he was pronounced died.
The driver of the Camaro, 30-year-old Hugo Fernando Rosillo, fled the scene on foot into a wooded area.
He was later found and taken to the hospital for minor injuries.
Rosillo was charged with DWI, felony hit-and-run and second degree murder. The crash is currently under investigation.
Smith set the record in 1998 at NC State for tackles by a true freshman.