Racing game wise. Depends on what sort of racing you like to do.
If you want a more relaxed unrealistic arcade style game. try NFS shift 1 & 2.
If you want something a little more realistic try Rfactor 2, Its not the full release yet just a very big demo with some mods already out. very good and realistic game. Even goes as far as to have the track rubber in after time and the likes.
F1 2011 is actually very very good, IF you have all assists off and have everything set to realistic.
Sim raceway is also a cracking game. Will be some great mods out for this game, Currently they have a 60-70s F1 mod circulating, Until you have driven one of those cars around Monzas embanked turns you haven't lived (in a virtual reality sense lol)
And then their are games like Dirt 3, Great fun game. A little unrealistic but if you just want a laghe is great.
Then if you are not fussed about graphics. You have Rfactor. No word of a Lie I have a 500GB hdd just for Rfactor it has that many Mods and tracks available. Some ranging from stupid to some damn amazing. Like the 76 F1 mod. he Tyrrell P34 is amazing.
then their is the best rally game ever made, Richard burns rally. the Group B, rally monster mod is second to none.
Then there is iRacing.............. Avoid like the plague. Its like a can of stella, You buy it and drink it because its expensive, and you tell your self you like it, But deep down you know its nothing more than an expensive nasty after taste.
Wheel wise. A favourite combination is the Fanatek Porch'e wheel paired with a set of G25/27 pedals.
The G25/27 are great wheels, solid reliable, and the favourite. Then their are cheaper wheels the OLD official GT5 wheel the Logitech force GT. Their is also the Logitech Momo, an old wheel now, but it still has a great feel to it.
I currently have a Thrustmaster T500rs, its a little on the pricey side. But it is one of the best. Their are also the so called Pro wheels. that retail for more than a grand. These wheels are stupidly expensive and don't offer you any more realism that a G27. But like a can of stella because its expensive you tell your self its better lol.