Another way to unlock Versus Link Play, is to press and hold L and R on the steering wheel.
Note: You need another TV, another Dreamcast, another copy of F355 Challenge and a link up lead to play Versus Link mode.
Pause the game by pressing START, then press and hold (X) + (Y). You must hold down the buttons to keep the screen clear.
To have the Link Mode in the US or EUR version of F355 Challenge, maintain the ''X+Y'' button in the menu.
To unlock link versus play in the english version of the game, hold L + R at the options screen and it will be selectable.