I stumbled upon this about two years ago. Since then it has made steady progress, and it is quite fun – even if you don’t have a wheel and pedals. Mouse control can revolve around quadrants of the screen for acceleration, breaking and steering. It may sound dull/weird here but its a nice way of controlling the car.
There are hundreds of cars and many community developed tracks out there, ranging from in development cityscapes to a fully-fledged version of the Nürburgring.
Go download it. Now!