Peabody started racing outboard hydroplanes alongside teammate J. Michael Kelly in 1998. Corey became a qualified H1 Unlimited hydroplane driver in 2016, and since then has driven for three different teams.
Peabody joined Strong Racing in 2021 and scored his first career Unlimited win at that season’s HAPO Columbia Cup, in the hometown of owners Darrell and Vanessa Strong. In a thrilling victory at the 2022 Guntersville Lake Hydrofest, he won the prestigious APBA Gold Cup. He was the only driver to post podium finishes in every race of the 2021 season, and won all but one heat he entered during the 2023 season.
The 2024 season saw Corey grab wins in Tri-Cities and the APBA Gold Cup in San Diego – his second Gold Cup victory.
As part of a team reorganization in late 2022, Peabody also assumed the responsibilities of Team General Manager.