I'm still getting the same issue that I've had every time I try to start the game. The game loads fine, and so does the intro cinematic. But as soon as what I assume is supposed to be the gameplay view starts everything slows down to less then a frame a second. I see the letters slowly coming up on screen, but it takes forever and is completely unplayable in this state. Is this a known issue with a known fix? I am running my system on

AMD Athlon 64 X2 Dual core Processor 5200+ 2.70GHz
nVidia Geforce GTS 450
windows 7 32
RAM: 3gb
Hard drive: 50 gb free
and i have installed the latest video card drivers

I have very similar specs as yours this got my game working albeit with some other issues that have yet to be resolved. it at least runs fairly smoothly.

http://www.gamesas.com/index.php?/topic/1238520-my-final-solution-for-ending-the-rage-slideshow/page__p__18769103#entry18769103

Check out Jordy's topic here and download the .dll file he links a couple of posts down. Add it to your RAGE directory. It got my game running. If this doesn't work check out the steam forums for how to create the cache and/or the .cfg file. Good luck.