The graphics in Wave Race 64 are really messed up with my Project 64. There is a note next to the ROM: Extrenal T ok 1 player, but what does it mean, how can I fix the graphics, or are they unfixable?
If you're having the problem I think you're having, there isn't a fix that I know of because it's a system/driver problem. There is a work around however. Either switch the geometry transforms to External (one player only), or leave it on Automatic and turn on Force Depth Enable. Both settings are under the graphics options.