After all the ridiculously over-the-top gaming simulators we've seen lately, it's nice to know that some manufacturers are making some setups that are more affordable (if $700 qualifies, anyway).
The "Hotseat Racer GTX" from Hotseat Chassis isn't a full-scale system but does include surround-sound speakers, as well as built-in steering wheel and pedals, according to I4U News. The stand is sold separately, but the cockpit is still costs a lot less than the thousands you'd spend for simulators from Costco or Ford, not to mention the $300,000 monster from FAO Schwarz.
But if the Racer GTX is still too pricey, you can always go for something like the "Rally Chair" and just pretend. After all, none of this is real, remember?