A friend sent me this the other week. It's possible, obviously the remote control software on the phone is no problem. It's the mechanism used to control the steering which would generally be quite beefy (well at least it is in 'normal' full-size remote control cars. I have no idea how heavy the steering is in an F1 car, that would be the defining factor as to whether it's possible really... because the heavy duty gear used to control other full-size RC cars is quite beefy. I would say it's quite possible for it to be a reality.