The men from Waterloo Labs had not much money to spend, but they achieved their goal: to make a car that can be remotely controlled by an iPhone, a first generation iPhone that is.

They made two videos about their project. One shows that you can ride pretty wildly with an iPhone controlled car. And the second video show how to make a car like that yourself. Just take out the doors and build an iPhone application that is able to accelerate and steer.

The first shows what you can do:

In part two you can see how you can build this project:

More info: Engineer Awesome