The new version of the 3DFX emulator nGlide supports many high resolution modes and it doesn't display some of the problems seen in dgVoodoo or GlideWrappers. It is HIGHLY recommendable to replace your old glide emulator with nGlide.
Please uninstall your former glide emulator before installing nGlide. If it doesn't have a unistaller just delete the glide2x.dll file from your mtm2 folder and system32 folder.
Thanks dRod for letting me know about the nGlide update.
Be sure to disable the 3dfx splash screen -- otherwise before each race begins, you will see a full screen logo for a second or two.
Go to nGlide configurator by clicking Start -> All Programs -> nGlide -> configurator and turn off splash screen.
Be sure to crank up the resolution to your current desktop resolution, or even higher. Graphics are crystal clear and gameplay seems fine. No lagging detected.