You can race in VR, but I wouldn't recommend it in a league unless you have a spotter. As for future VR stuff, the new GP boat model has a really well-made cockpit model thanks to Kallen Washburn, so that'll look really nice in VR once its finished.
With water effects, we used to have some splashes on the screen but they never worked in VR and I believe were tied to the old water system. Details like that are probably lower priority than other things, like GP boats and race courses for them.
