Welcome to this nice place

Wipeout is like a car racing game - just without tires and the vehicles bob up and down like a sin() wave.
To get yourself started, treat it as a racing game without bobbing.
Once you have the game ready, it is very easy to add this dynamic movement for low speed. If the object gets its racing speed you don't notice this movement any more. Only if you jump over a ramp.
Back to your question if this is possible with gamestudio. - Yes it is and it is easy to do that. If this is your first project with gamestudio, you should start with an empty room as level and learn how to move a simple object and how to create a 3rd person view.
There is a useful workshop nearby:
http://tutorial.3dgamestudio.net/ -- slacer