Okay, the truth is, glutumate is not a *direct* neurotoxin. It's an indirect neurotoxin. It opens up AMPA and NMDA receptors, allowing Calcium ions to rush in. And it's actually the calcium ions that are actually responsible for the neurotoxicity (IIRC, it has something to do with the Calcium getting into the mitochondria and making the mitochondria inner membrane more permeable, making free radical reagants more likely to "leak out and combine").
Now, what piracetam does is "enhance the activity of AMPA receptors". It also increases postsynaptic AMPA receptor density. So then what? I would think that it would result in an increased amount of calcium flux into the postsynaptic cell. And that can cause neurotoxicity.
I know that we don't know everything about piracetam yet, but I'd at least like to get this answered first.