I read rumors about this remake/sequel a while back in a local PC mag but never bothered to check back on its progress. Well an alpha version is out and although it's far from complete it is at a playable stage and available at the following link:
It doesn’t take very long to complete with only 2 cars and limited parts, but you can see it is staying very true to the original with upgraded if yet unfinished 3D graphics. Playability wise it's looking very good but the performance options don't seem to make much difference to the cars speed, so far only the racing shocks seem to make any difference at all.
So all you Street Rod fans check it out.
edit: more cars and parts available on the downloads page.