The best simulators are for the pc. Why settle for less?
gtr2 (check power & glory mod), rfactor, live for speed, netkar, etc... old timers (no big hw requirements) but good sims.
Also you have the new batch of "freemium" sims: raceroom, simraceway... I don't know if they are as realistic as the previous generation.
Assetto corsa, rfactor2: promise new level of realism. No stable release yet.
Free as in free beer (although beta). Reportedly realistic: racer.nl
Let's not forget a sim from another dimension in racing: richard burns rally. Still the best rally sim. Frustratingly realistic. Also runs fast in old PCs.
Get a decent FFB wheel!