Could easily build models of the car out of cheap materials to start.
If Eddie Jordan, Stoddy, SA and Arrows car all build real F1 machines why can't we build cheap(er) replicas?
Besides, real cars need real drivers and I don't think many people on F1tech.net are quite up to it.
Perhaps one day there'll be enough interest to fund the idea. Think of the marketing.
'F1 nuts take on the big guys, on-line!'
Who wouldn't want to sponsor it?