Playing Counter-Strike with a steering wheel does not increase your performance. It does, however, increase the fun times.
GamerMuscleVideos, playing as [KILLED YOU WITH A WHEEL], have put together my new favourite Counter-Strike vid, being that this isn't really about Counter-Strike at all. It's just about humiliating dudes by killing them with a steering wheel.
Though the fake e-sports commentary over the top is also excellent.