If you want to feel the thrill of open-wheel racing at home without the danger of actually zooming around a track at 200-mph, you're best bet is probably a high-end race simulator. This one looks like it should do the trick, the only catch being that it costs more than a pretty decent real race car.
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.
There are plenty of cool race simulators, but this one from a British company called BallRacing Developments, takes things to a whole new level of realism.