The answer is yes, you can open up GT2 on your PC, and extract the contents.
The CD contains the following files:
gt2.vol
gt2.ovl
faulty.psx
music.dat
scus_944.88 (I think this one can vary on version US,EU,Japanese)
system
The packed / compressed gt2.vol file is the one you want to
"play with", checkout the following site with utilities on how
to unpack / decompress this file.
http://www.geocities.com/mkreations/files/
The file gt2vol.zip willl unpack all the files to your PC's hard disc,
you might also want to pick up a TIM plugin for photoshop / paint shop pro,
many of the in-game images are in this format i,e: Wheel textures, a HexEditor is also recommended
In theory it would be possible to edit many ingame parameters like: textures, sounds & car models, so I think you could fix some "bugs" like incorrect hp ratings on some cars, i,e: Volkswagen Golf VR6 (201hp vs 147hp dealer vs track change) or create a new set of wheels, create new car colors, or better yet, create hybrid cars without using a memory card / Gameshark, imagine your own special version of a vehicle not included in the game, I would gladly give up the Golf V5 car spot and replace it with a VW Golf R32 (6 cylinder 4WD), etc.
hope that helps