Ok so I'm a little confused I saw that online has something to do with vehicles. Is it racing? Also is there a regular multiplayer where you can do co op. Basically I just want any info anyone has on multiplayer.

I'm very excited for this game it looks pretty narly! The more I see videos the more I like it.

One last question is looting going to be a big part of it? Will be able to have a big inventory?

First: The multiplayer is based solely on cars, something like twisted metal, up to now has 3 modes online, deathmatch, team deathmatch and rally, but according to John Carmack said in an interview more multiplayer modes are testing to see if they work with rage and so they will be added before you leave.
And has no multiplayer on foot.

The inventory is infinite, you can have all weapons and all the things you want and will never be filled, and there will be looting too.

Thanks. I'm not sure If I like the idea of just cars but I know they know what they are doing. I usually don't like any kinda of car video game like racers or just driving from point A to B. I like having the option of walking. But it's not that much of a problem for me because I know this game will be great. Can't wait

In addition to the racing multiplayer, there's also Legends of the Wasteland. These levels take place in the same setting, but allow for two-player co-op.