More than 60 FPS?

Hi, is it possible to play grand prix 4 with more than 60 fps? like 120 fps?

Doubt it very much, the graphics engine is tied to the physics engine, and it would require everything in the game to be recoded and it wouldn't be the same.
In GPL they managed to raise the FPS from 36 to 60 FPS, it looked miles better, but affected the AI quite a bit.

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Tahitian GP Circuit
[www.grandprixgames.org]
Easter Island Circuit
[www.grandprixgames.org]