I have ben playing Project Torque now for a few weeks and I gotta say this is a pretty fun MMO racer.
Players begin with a standard car from a list cars of which you can coose. After you have chosen your ride you can then begin racing.
There are 2 main types of races.
Amature vs: In this type of play players are in "ghost mode" and cannot run into each other but watch out for those wall you can still smash into everything else.
Pro vs: This mode players can bump into each other
Players earn XP and RP with each race. The more you race the more you earn. RP is used to purchase items and such at the "Garage". The more XP you earn the more tracks you unlock. Once you gain enough XP and Rp you can apply and take your drivers license test which will also open up more tracks and features.
All in all for a free to download and free to play MMO Racer Project Torque is worth checking out.