Mario Kart is fine for kids, but if you want some more realistic racing action, you need to upgrade your game along with the associated hardware. This amazingly realistic looking Ferrari F1 style wheel from Thrustmaster looks like a good place to start.
The Ferrari F1 wheel is an add on for Thrustmaster's T500 RS simulator, and simply snaps into position replacing the existing GT wheel. The controls copy those on the 2011 Ferrari F150 Italia F1 car, with a whole slew of settings for the car's setup and features like the DRS adjustable rear wing. A pair of F1 style push-pull paddle shifters round out the package.
The $600 T500 RS simulator is available for PlayStation 3 and PC, while the Ferrari F1 wheel costs a cool $200 extra on top of that. That's a hefty price for a video game, but it's probably about as close as I'll ever get to driving the real thing. Besides, they say the actual F1 steering wheels used on Alonso and Massa's cars run around $40,000 a pop these days.