Yes, use the CPU-Grabber included with this updated launcher to slow down the game.
http://www.gog.com/en/forum/interstate_76_arsenal/updated_new_i_amp_039_76_arsenal_launcher_with_automatic_workarounds_2_versions

Link is dead D:

:(

And here I got excited for a second--have same problem. Taurus challenges you to a race and can't even clear the jump he warns you about. He gets caught on the edge of the cliff he's so slow. lol
I tried version 2.0 from this thread: http://www.gog.com/en/forum/interstate_76_arsenal/updated_new_i76_arsenal_launcher_with_automatic_workarounds_2_versions

I get the same results. Taurus can't get his butt moving, and I can't jump the river bed in Scene 5 or go up hills very well. And the wheels are still wobbly.

I tried it again this time in both DirectX and Glide. But this time I realized that the Launcher did not automatically turn on the CPU Grabber for me. So I turned it on and left it at the "30" it was set at. Occasionally I see a wheel twitch, but that problem is pretty much gone now, and everyone moves around pretty awesomely. I can go up hills fine now and I made the jump in Scene 5. Before that I tried racing Taurus back in Scene 2 and he actually gets moving now! hehe.

There are some odd graphics issues that seem to have shown up to replace the wobbly wheels/slow cars, but these are inconsequential. When I tried DirectX, it messed up my gauges in the non-cockpit instruments view, but when I run it with "Glide" on whatever default settings are in there, the gauges look nice now and are even more legible on the real dash when using cockpit view. The weird graphics are like....part of the sky background will be something that is not sky. Either a red background similar perhaps to the red smoky screen you get when Malochio is taunting you, or it'll be different color patterns and repeated images of what looks like the wheel for the Piranha and some other cars. Occasionally damage will look funny on the car, but the terrain appears okay and everything else works fine. I'm happy considering it's only a $6 patch up plus one extra download. As long as it works well enough so I can properly play the game, I'm happy. =>

This happens when you have too much CPU for the game to handle... I tried CPU Grabber and dgVoodoo at first which was flaky, but acceptable. Then I found nGlide, which is a HUGE improvement over both dgVoodo and the inbuild Glide wrapper, especially since I don't have to use CPU Grabber...

http://www.zeus-software.com/downloads/nglide

well I installed it, now what? i just click on the game? I did that but nothing changes