...yup. Do a search next time and look first. There are at least 5 threads that I remember seeing this in recently, probably many more.
BUt to answer your question it doesn't really work, you are turning WAY to much to make it playable since you still have to go from lock to lock, 900*, since that is all GT3 knows how to do. So if you want to turn the car slightly you need to crank the wheel almost a full 360*.
Please try the search button next time and don't expect the information to always be handed to you because youa re too lazy to look first.