on top of what other have said:

motorstorm 2 and heavenly sword

I haven't played any of the originals, and I was horribly lost the entire game(even though I stopped playing) ?.?

Thank you for all the suggestions. I did actually forget about a few. Valkyria Chronicles sounded really good, and Warhawk and Resistance will be on my consideration list.

Demon Souls I was thinking was not quite out yet, so I didn't include it. So good game but hard?

Haze, Lair, Vampire Rain, and Tony Hawk Ride are good games to start with.

demons souls is amazing its not hard but you need to use your brain its like a life and death sim lol keep your shield up and don't try to go at even the weakest thing oblivion style you'll die and you'll die fast.

you can get MGS1 on PSN for cheap and MGS2 at gamestop for 10 bucks I believe (don't need MGS3 but it's nice to know some backstory on big boss since it gets brought up). It's kinda like watching LOTR: Return of the King without having watched the other movies really lol. You get to know Naomi's relationship to Snake. How Snake and Hal Emmerich met. You understand more why Snake suffers from rapid aging, who Raiden is, who Sonny (the little girl) is in relation to all of them. You also get to see Ocelot and Liquid Snake as their former selves (as you also get to realize why the hell they occupy one body now). You also get to understand why the hell the game is called Metal Gear to begin with by just playing MGS1. Basically MGS1 gives you a good idea of the Outer Heaven and Zanzibar conflicts so you don't need to play the NES games. So if you are truly a person that appreciates a very good story, you'll try those out and immediately after play MGS4. MGS4 doesn't really cater to total newcomers to the series, it is a true sequel.

Oh and as far as your type of racing goes, wipe hd and the fury add on are awesome for destructive racing.

I think demonfox13 has it about covered , Good job , The only I may add is, Resistance 2, Heavenly Sord, God of war 3 when it comes, MAG, Sony has a lot of great exclusives. Enjoy

I'm not buying a Ps2 just to play one game.-______-

your PS3 isn't backwards compatible with PS2 games? I got the 80gb MGS4 bundle so mine is. Meh, you can get a PS2 under 100$, and there are lots of great games for it. MGS2, MGS3, Valkyrie Profile 2, Wild Arms 3, Guilty Gear X and X2, SF3: Third Strike, DBZ budokai tenkaichi series, Grandia 2 , 3 and xtreme, Xenosaga 1,2,3,  DMC1,2 and 3 (3 being best in the whole series), FFX, Twisted Metal: Black (I think u can also get the online one, probably best in the series), Chaos Legion, Radiata Stories, Star Ocean 3, Breath of Fire: Dragon Quarter, Crimson Sea 2, Ar Tonelico 1 and 2, Ratchet and Clank series, Jak and Daxter series (Jak 3 was great), etc,etc. Damn I wish PS3 would have already pumped out so many great games like in PS2 era. Anyways, if you're on a budget then I can understand not wanting to spend 100$ to play just a "few" great games.