I dunno... PC racing games are tough because you realy need to buy a wheel. Its much easier to guy by with a videogame controller, so my racing usualy only done on consoles
Hmmm... if you want something a little bit more arcade-ish, maybe you should look into Test Drive: Unlimited. Its a pretty good sim, but its more of the "street racer" type of game. Apparently, its almost a spot-on copy of one of the hawaiian islands, down the even side streets and whatnot. Also, you can drive around with other players kinda like an MMO racing game.
Add Live For Speed to the list of really good sims out there. It may not have the best graphics but it does have the feel and you can really make the car the way you want it.