no, i'd say you have the vsync on and your monitor at 60hz (why, oh why, would you set it to 60 hz - aka major eyestrain?). Either up your monitor refresh rate or disable vsync, or both. While you're at it, you can gain abuot 10-20 FPS and get much better textures if you switch to opengl. grab the latest beta openGL rendered (DO NOT use the 2nd newest - it provided lots of missing polys for me) from
the unreal site and edit your unrealtournament.ini as the instructions say. Then install the compressed textures from the 2nd CD. That boosted me from ~40-45 fps to ~60-70 fps (tbird 700 and geforce2 gts)
edit: I dont know if its called beta or not, just get the newest