I've recently fallen in love with a racing simulator called iRacing. I already had a wheel and pedal tucked away in a closet, so I pulled them out and set up iRacing with my Oculus Rift. What a blast! I love the competitive nature and the ability to work to slowly raise my skill level.
I quickly found that I didn't like having to attach and detach the racing wheel to my desk, so I picked up the Playseat Challenge, which is a folding chair designed just for racing. It makes it very simple to setup for racing and tear down when I'm done.
Here's a quick video I put together after one of my Rookie Mazda Gloabl Cup races.