Thought I'd add some suggestions to this thread.
There are several nice racing games via GCN compatibility and the Virtual Console that are available to play on the Nintendo Wii.
On the Virtual Console, I recall enjoying Enduro Racer on the Sega Master System quite a bit (I'd rate it about a B). And Victory Road for the Turbografx-16 is playable but doesn't get out of the C territory (But if you enjoy old sprite scaling racers like Outrun, the Lotus series, the Top Gear series, and such, it's worth a look). And of course Excitebike, Super Mario Kart, Mario Kart 64, Wave Race 64, F-Zero, and F-Zero X are available and all are widely considered excellent games.
On the GCN side for racers that I've enjoyed quite a bit, we have an excellent F-Zero release in F-Zero GX (Although it feels more like a Sega arcade racer than a F-Zero game to me, it was developed by Sega's arcade division and that pedigree is obvious throughout), Wave Race Blue Storm (Nice game although the more realistic physics detracted from it compared to the N64 classic), and Mario Kart Double Dash (One of my least favorite entries in the MK series, but still a nice game). And I enjoyed 18 Wheeler (A nice Sega arcade racer familiar to arcade fans from back around 2000 and many Dreamcast fans), NASCAR Dirt to Daytona (My favorite console NASCAR game), and Rally Championship (A bit plain, but a nice game and the best rally racer available on the GCN or Wii).
And there are several early entries in the Burnout series available. I recall renting and enjoying one of them (Only own Burnout Paradise for the 360, a series all about crashing never really appealed to me much so I've largely ignored them, but they're popular and well done and rate a mention).