For racing simulations, PC is the only option IMO.
iRacing is probably the most well known, it's subscription based but very good.
http://www.iracing.com/
RFactor 1 is pretty old now, there was a PH league using it. It's made by the same company behind RFactor Pro which is used by several F1 teams as their sim software.
http://rfactor.net/
http://www.youtube.com/watch?v=0_aR7523K-0
One of the big advantages of rFactor is the number of mods available, most of them available at rFactor central.
http://www.rfactorcentral.com/
RFactor 2 is currently a playable beta, much improved over RF1 and the final version will have some new features such as a dynamic track surface and weather.
http://rfactor.net/web/rf2/
NetKar Pro is another sim worth looking at, IMO this has some of the best physics.
http://www.netkar-pro.com/main/
The team behind NetKar is releasing a new sim soon called Assetto Corsa which will be worth trying.
http://www.assettocorsa.net/?lang=en
Another to be released soon is GTR3 from Simbin, they were behind some of the other great sims such as GT Legends, GTR2 and GTR Evo.
http://gtr3.com/
Personally I would recommend you try iRacing using their new member promotion which will give you 3 months racing for $12. The online community there is excellent, there is a very active forum and a lot of advice is given.
http://www.iracing.com/3-for-1/
Initially, with a rookie license you will be driving quite sedate but fun cars but with clean driving to improve your license you can soon be driving some quick vehicles.
Unlike most other sims, deliberate troublemakers are dealt with by an official steward so 'wreckers' are quite rare.
The basic iracing sub comes with 5 cars I think, and several tracks, if you want to use any others they have to be purchased. Also note that I think the subscription rolls over automatically at the end of the 3 months unless you specifically set it to not renew.
The iRacing Youtube channel is a good place to get an idea of what it's like...
http://www.youtube.com/user/iRacingTV
A couple of good sites for sim racing...
http://www.virtualr.net/
http://www.insidesimracing.tv/
Have fun!