F1 Online: The Game, which is, as you may have guessed, a free-to-play, browser-based Formula 1 racing game/management simulator.
Set to launch sometime in Q1 2012, F1 Online allows players to race as their favorite real-world teams, or as a fictional team of their own creation. Full-scale World Championships and Grand Prix events will be available, qualifying runs and all, and social networking integration means you'll be able to immediately notify your friends upon beating Cyber-Alonso's lap record by 0.000001 of a second.
For the more managerially-minded among us, team-management functionality will let the player "manage the commercial, research, production and race crew functions required for success on track," meaning that those reports you needed to finish totally won't get finished. McLaren-Mercedes, Williams, Lotus-Renault, and Force India are all present and accounted for, and with the inclusion of world-famous circuits like Monaco and Silverstone, F1 Online: The Game looks to be the racing enthusiast's ideal time-waster.