This doesn't have much to do with Cedega, but lately I've been having fun with racing games in Linux.
So far my favorite is Torcs. It's the most mature and I like racing against the bots. Torcs is a bit weird in the sence that it wasn't originally designed for human racers, it's a racing simulation were people will have online tourneyments pitting AI vs AI. But to me this just means that the bots are a challenge to beat.
When you start the game it will take some setting up to do. Set up the controls calibrate the joystick and such. Then when you start the actual race hit F1 to see the keys and then exit out of that and hit F2 to cycle thru the views.
ASR is set so you don't spin out all the time, and ABS is anti lock system.. They can be turned off... I turn of ASR since I have a analog control for that and you can go faster without the computer assist.
http://torcs.sourceforge.net/
The next one is Vdrift... It's a car racing simulator that is designed to accurately replicate physics to allow for 'drifting'. Torcs is more about actual racing and uses only race cars so drifting is difficult.. generally since racers don't 'drift' since it slows you down so much.

But it's fun non-the-less and the physics probably are more accurate then torcs. I just can't get into just racing against the clock since there are no bots or such. It's much prettier though.
http://vdrift.net/
Those two I could install via apt-get.
Unfortunately you realy need to have analog joystick controls to have fun with them. I tried them before with keyboard and I didn't like it so much. I use a Logitech 'Dual Shock' playstation2-style controller. Use one control for stearing and the other for gas. Logitech has a 'percision' one that is older and cheaper, but I've heard bad things about it.
This one doesn't require a joystick though for fun.. It's strictly a video game and not a simulator and plays great on the keyboard. Has a neat punk rock sound track even.
http://maniadrive.raydium.org/
You have to beat the clock on completing a stunt track to advanced to the next level.. The clock is tight and it's quite a challenge, but it's very beatable once you get slick at it. Also downloadable user contributed tracks have no restrictions on what you can play so that is fun if you get tired of the main game.