No.
There are 2 versions people. Sorry but I am a big fan of this game and yea so ill set it straight
Wangan Midnight is a Ps2 (Japanese) and Arcade Game (Japanese and America far as I know) which basically is Tokyo Extreme Racer.
Wangan Midnight: Maximum Tune, is arcade only (Ive never seen or heard of any console copies) and it isnt tokyo extreme racer
The game basically is set on the same streets as Tokyo with more of a faster feel. The reason all the cars are similar is because.. well cmon its an arcade game. The Arcade game has little cards u buy the first time u play that saves your status, theres a ton of races to complete. At the end of the game you basically are at a standstill of 700 HP max I think, but you get to tune your car for either more speed, or more handling. The game is based on city street racing with 4WD cars, some not though.
This game hits the nail on the head , i think its the best "underground hookup car scene" racing game Ive ever played. It does everything youd want it to in a "need for speed underground" style game, with enough racing to still have fun.
The game isnt based on the best lines or etc, its mostly about shifting gears and going down straight ways, one game round is like, i cant remmebr, but an ave of like 5km? or something to that effect, its a long race, and mostly one on one.
I really wish theyd bring it to PS2, even if it is a Japanese version, id still buy it.
-EDIT-
It by far has the BEST soundtrack in any racing game EVER. even the earlier Namco racers like ridge racer (huge fan of that soundtrack in its early games too). The soundtrack is so awsome people buy the soundtrack seperate even tho it costs 30 bucks now and it isnt even a console game.
Oh, and itll never be on xbox, u see any other namco games on xbox?