Yikes! Is it a film, or digital? If film, it looks like either you got a really bad batch of film, or you have a light leak somewhere in your camera.
My standard airshow settings are ISO 200 (I know it violates the rules of high-speed photography...screw the rules!). I normally shoot in shutter priority for the best results (so far anyway) with a shutter speed as low as 60 for taxiing aircraft, up to 400-500 for fast movers in the sky. If you have stuff in the background during a pass and a steady hand, you can get a nice pan shot with prop blur at about 125-250. A pan shot means that your subject is in focus, while your background is blurry, caused by the motion of the camera tracking the airplane. When you can catch it, it's great. I don't think my hand is quite steady enough as I am about 25-40% on pan shots.