Quote from Electrik Kar :

I don't believe so. I think it's a keys only job, but it still works well with just the keys.

of course u can.
i started with keyboard then switched over to analogue game pad. so im sure a wheel works too.

If you're into motorcycles at all:

GP500
SBK2001

SBK is more of a sim, IMO, although others will disagree. All I know is that, in GP500, you can go full throttle and full lean through a second gear corner, at which point the rear wheel starts to spin wildly. This results in the rear wheel sliding out of alignment with the front wheel ever so slowly until you're at about 15 degrees of drift, at which point you can't go any further. You can continue like this as long as there is track in your path or you change your control input in any way. Doing so results in an instant highside.

In SBK2001, going full throttle at full lean results in an instant highside, just as it should (as long as you have the realism settings cranked up)

Sorry for my little rant. While it may not sound like it, I really do enjoy GP500. Unfortunately, ever since I upgraded to my Conroe box, the warping problem many people have under XP was about 300 times worse (I am not exaggerating) than with my old Athlon XP box.