It's called Indianapolis 500 Evolution.

From IGN.com:
* Build Your Own 1960s Indy Race Car. Engineer your own Indy car by custom crafting 1960s race machines, including engines, chassis, suspension, wheels, brakes, weight distribution, appearance, and more.
* White Knuckle Driving Excitement: Maneuver through a moving minefield of crashes, cars and debris as you try to survive the greatest spectacle in racing: The Indianapolis 500.
* Push the Edge of Racing Technology: In Indianapolis 500 Evolution you test technology and push racing forward. Build and tweak your own custom racer for a one-of-a-kind vehicle that suits your racing style.

http://xbox360.ign.com/objects/142/14236277.html

It came out in September... Has anyone played it? If so, what do you think?

Just curious... I'd like to give it a try and possibly race against some IOWers on XBOXLive!

I have it for Xbox 360, it's a decent game, not in the class of Forza tho. You can't change car colors and if you use a different engine/chassis combo than orginal it doesn't show on the car so not very much custom you can do. Game play is decent BUT you need a wheel to play on Xbox because using a controller is crappy at best. Overall it's worth buying if you can pick it up cheap, I paid $29.95 new, you can get cheaper at Gamestop I would think on a used one. You do get to race against the drivers and cars from 1961-1971 and you can buy all the different cars but there are NO dirt cars and the tracks are good but Langhorne is paved from the start in 1961 and trenton has the dogleg all the way thru and theres I think 8 tracks total so you play them over and over, seasons are 6-8 races more or less, scored like an F1 season. But it is kind of neat play against Herk, Foyt and so on, even has the turbines in it, Like I said if you can get it cheap and have a wheel it's a decent enough game and interesting if you're into the old Indy stuff. AND it has the Mallard, lol, and you CAN win with it!