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There is a Logitech wheel that is compatible with the 360, check out the Drive FX, not many left now as they're clearance but it's a very good wheel for a budgt price. It doesn't have a lap usage method though but in my experience you need a stand to enjoy a wheel as you just cannot get as much fun from a make do scenario.

http://www.amazon.co.uk/Logitech-DriveFX-Racing-Wheel-Xbox/dp/B000GLL1LU