For all you nostalgic Project Torque people, all I can recommend is to try Heat Online or LevelR and see what you think about their current state. Both are based on the same game from Invictus that PT was.
The old regional IP restrictions have finally been removed so anyone can play either one now. Yay! No lagging proxy players!
I would consider them simcade now and HO has sim control upgrades that you add to each car to adjust various settings. But then of course there are no restrictions on rooms so arcade and simcade players are allowed to race together.
Look into the upcoming Auto Club Revolution (in beta now) for your MMO sim racing fix