Scientists at the Japan Institute of Science and Technology have combined Quantum Levitation, which is a relatively new technology, with a rather neat looking custom track and the result was this, a real life, working model of wipEout HD, which can be seen in the video below.

As you can see in the video the vehicles is a superconductor, and is trapped in mid air above the magnetic track, but because its levitating it is not affected by any force of friction, therefore they move around the track effortlessly.

This video explains it better.