From left to right clockwise, the interface displays the number of laps, current weapon, race position, speedometer, and lap time.
Wipeout is a racing game that is set in 2052, where players compete in the F3600 anti-gravity racing league. The game allows the player to pilot one of a selection of craft in races on several different tracks. There are four racing teams to choose from, and two ships for each team. Each ship has its distinct characteristics of acceleration, top speed, mass, and turning radius. By piloting their craft over power-up pads found on the tracks, the player can pick up various weapons and power-ups such as shields, turbo boosts, mines, shock waves, rockets, or missiles. The power-ups allow the player to either protect their craft or disrupt the competitors' craft.
There are seven race tracks in the game, six of them located in futuristic versions of countries such as Canada, United States and Japan. After all tracks have been completed on the Rapier Championship, a hidden track (Firestar), set on Mars is unlocked. Wipeout features a multiplayer mode using the PlayStation Link Cable, allowing two player to race against each other and the six remaining AI competitors. The game also supports the NeGcon, a third-party controller designed by Namco.