F-Zero X for the N64. Hell, the chessy pseudo 80's Metal soundtrack alone is epic . San Francisco Rush for the N64 was also good. The Wipeout games on the original PS were Godly too. Of course, Mario Kart has to be mentioned as one of the top racing games. The first Extreme-G on the N64 was also a good one.
Personally, I don't care for simulation and "true" arcade style racers. I find them boring, although off-road racers can be quite fun.