Taking a cue from Microsoft’s Xbox 360 Wireless Speed Wheel, the controller company SteelSeries have announced their own handheld steering wheel controller, The Simraceway SRW-S1 Steering Wheel, which is now available for PCs.

Compatible with such recent PC driving games as “Need For Speed: The Run” and “F1 2011,” the controller has numerous programmable buttons and a directional pad, as well as paddles on the left and right side for ambidextrous braking or acceleration.

SteelSeries says the SRW-S1 was co-developed by SteelSeries and Simraceway, the online racing service, and was tested by such professional race car drivers as, “four-time Indy Car Series winner, Dario Franchitti, and double Indy 500 Champion, the late, great and much missed, Dan Wheldon.”

The Simraceway SRW-S1 Steering Wheel is available now for $119.99.

For more information about the wheel — including full technical specs and videos — you can visit SteelSeries’ website here. http://steelseries.com/products/other/simraceway-s1-steering-wheel