This is of course the infamous Life F-190 from the 1990 season, powered by a W-12 (Three rows of four cylinders) engine! Fourteen races in 1990, but never once made it through pre-qualifying!
You can read a bit about this car & team here:
http://en.wikipedia.org/wiki/Life_Racing_Engines
There's an even better read at
http://www.f1rejects.com/teams/life/profile.html but that site seems to have problems at the moment; it is really slow.
For some reason one car actually survived and was run at Goodwood last year!
This rFactor mod recreates quite well what was wrong with this car; two laps at Phoenix and the engine was overheating, the engine lacks a lot of power and when you're too low in the revs absolutely nothing happens! You can easily floor the throttle in a hairpin without the slightest risk of spinning the rear wheels.
After a few laps at Monaco I managed a 1:41.296, only 0.15 seconds slower than the driver of the real thing, Bruno Giacomelli!
Here's a shot of the car with the engine cover removed:
Fortunately the 1990 season had some great cars in it as well, like the McLaren MP-4/5B:
And the Ferrari 641/2:
Only three laps in this Ferrari (With it's screaming V-12!) and I was a mere eight seconds faster than the Life.. Without even touching the set-up!
For the entire rFactor mod and a great track pack, see:
http://www.rfactorcentral.com/detail.cfm?ID=SRM%20F1%201990%20Mod