I'll recommend the music of Gez Varley (aka G-Man). I got his album Bayou Paradis cheaply, before Wipeout HD came out, when I learned that he had been in LFO. I tried it with Wipeout and loved it. I picked up Avanti as well and it also works beautifully (although I took out the "Lollipop" track). It's not quite the kind of music I usually listen to, but I think it's great for racing.

Bayou Paradis samples: http://www.juno.co.uk/ppps/products/76731-02.htm
Amazon US page / Amazon UK page

Avanti samples: http://www.juno.co.uk/ppps/products/97202-01.htm
Amazon US page / Amazon UK page

I also enjoy using stuff from the Kompakt label, but I don't have as much of that as I'd like.