2.5 Variable References and #%top
| id | 
Refers to a module-level or local binding, when id is
not bound as a transformer (see Expansion (Parsing)). At run-time,
the reference evaluates to the value in the location associated with
the binding.
When the expander encounters an id that is not bound by a module-level or local binding, it converts the expression to (#%top . id) giving #%top the lexical context of the id; typically, that context refers to #%top. See also Expansion Steps.
| Examples: | 
| > (define x 10) | 
| > x | 
| 10 | 
| > (let ([x 5]) x) | 
| 5 | 
| > ((lambda (x) x) 2) | 
| 2 | 
| (#%top . id) | 
Refers to a top-level definition that could bind id, even if
id has a local binding in its context. Such references are
disallowed anywhere within a module form.  See also
Expansion Steps for information on how the expander
introduces #%top identifiers.
| Examples: | 
| > (define x 12) | 
| > (let ([x 5]) (#%top . x)) | 
| 12 |