Nebula's Sega Model 2 Emulator can do that.
It does require 2 computers, preferably with similar specs if I remember right.
There used to be a good write-up on speksnk.org, but it seems to have disappeared.
There are instructions in the readme file that come with the emulator.
Basically, you just connect all the computers to a router.
That wil get you multiplayer Daytona, Sega Rally, Indy 500, etc.
So far, M2 emulator is the only one that supports linking cabs, but I've also heard tales of guys running NASCAR pc games over a LAN with a half dozen driving setups.
From the Readme file:
NETWORK
Model 2 network is designed as a ring linking all games together. In order to use it, you must properly emulate
the ring with your machines running the emulator. The original games are designed to run in a high speed, low latency,
no packet drop, optic fiber network, so it's very likely it won't work over internet. It works fine on LAN.
To configure the network, create a m2network.ini file like this in the same directory where emulator.ini is:
[Network]
RxPort=1978
NextIP=xxx.xxx.xxx.xxx
NextPort=1978
where:
RxPort is the port where your machine is listening for packets
NextIP is the IP of the next machine in the ring
NextPort is the port where the next machine is listening for packets
Remember to setup them so they make a ring. For example, for 3 computers connected
Computer1 (192.168.1.1): RxPort=1978 NextIP=192.168.1.2 NextPort=1978
Computer2 (192.168.1.2): RxPort=1978 NextIP=192.168.1.3 NextPort=1978
Computer3 (192.168.1.3): RxPort=1978 NextIP=192.168.1.1 NextPort=1978
If you want to run several emulator instances in the same machine, you must use different
RxPorts for each instance.
Once the network is setup, enter test mode in each emulator and set one as master and the rest as
slaves (some games also allow you to select Relay mode that is like a live tv show of the race
)
When running with network enabled, it's very likely that Windows or your firewall will warn about
the emulator trying to access the network. You must allow it (or open these ports in your firewalls) or
the network won't run.