Slipstream is a sprite-based Formula One racing game featuring four different race tracks; Germany, Japan, Australia and the obligatory Monaco.

players can chose to race in any one of eight different F-1 racing cars, with each offering different levels of handling, acceleration, speed and grip. The game also offers three different play modes; Time Trial (raced over a single course), World Championship (raced over all four courses) and Time Trial (also raced over all four courses).

Each car has a basic high and low gear. Also, as the player races the course, a 'Turbo' meter builds up. The Turbo will occasionally kick in and give the player's car a temporary speed boost. Rival cars are also able to turbo-boost.