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!