The accident happened just before 11 p.m. when, police said, the driver lost control of his 2004 Mazda RX8 on the Poole Road exit coming off of the new U.S. Highway 64 bypass.
Investigators said the car in which the students were traveling struck a concrete rail and then flipped over the rail, dropping about 50 feet before bursting into flames.
Witnesses told police that the vehicle was traveling more than 100 mph when it passed other vehicles and then ran off the road. Investigators calculated the speed to be 105 mph to 115 mph before the crash.
Although authorities have confirmed that the victims in the vehicle were four male seniors from Wakefield High School, their identities have not yet been released.
Friends said the four students were on their way home after watching the Wakefield boys' basketball team compete in a playoff game at East Carolina University.
Wakefield High School Principal Steven Takacs declined to comment until he received confirmation of the students' identities. He did say, however, that counselors would be available on Monday to help students deal with the loss.
Wakefield High students have had their share of sorrow over the past two years.
In August, 19-year-old Ben Cummings died in a car accident, and in December 2004, freshman Jaimee Kellermann died in an accident in Virginia.
Neither Cummings nor Kellermann were driving at the time of the accidents; both drivers survived and were charged.