Man, this post brought back some memories...
It takes be back to a time when me and my brother used to rent games from the Movie King and Blockbuster almost every week. We'd oftentimes pick racing games or side scrolling bet-em-ups (like Final Fight and Streets of Rage) so we could play together. It was sort of like a bonding ritual for us to spend our Saturdays parked in front of the TV with our console.
But I digress..
Now to get back on topic, I do remember playing Extreme G many moons ago in the time described above. It was a pretty good racing game, I even remeber a few cheats for it. For example, try changing your name to "roller" or "fisheye"