Racing game principles Codemasters recently made the exciting announcement that the studio is currently working on something called F1 Online, a free-to-play browser-based title set to launch into operation in the first quarter of 2012.

If you want to get in on the Formula One racing and management action ahead of the release of the game, you can sign up for the F1 Online beta right now at the official website.

But what is F1 Online, really?

Featuring all of the “cars, stars and circuits” of the Formula One World Championship, F1 Online will give players the opportunity to “be the driver and the team boss” in a game that “combines intuitive top-down racing gameplay with a rewarding management game as players create and manage their own team.”

In F1 Online, you’ll be able to track your race progress and share your accomplishments via leaderboards and other social network features. With the game’s option to create your own racing team, as well as choose a team name, design liveries and lead the development of your franchise, you can act as both racer and boss while this team handles the day-to-day of “the commercial, research, production and race crew functions required for success on track.”

You can jump into F1 Online ahead of release by registering for the game’s closed beta testing period, and players who are accepted will be able to earn in-game rewards when the full game goes live.

Check out the debut trailer for F1 Online below to catch glimpses at the work-in-progress title:

F1 Online: The Game - First Look Trailer