(If you already know how to do this with your Steam games then you don't have to follow this step.)
Finding the file directory of your games is plain and simple. All you need to do is right click on the game and then click properties. After doing that, click local files and then browse. This will take you to the game's file directory.

After finding the game's file directory, click on the media folder. This folder is where the game's assets are. Assets that are included with this game are the sprites and sounds. If you want to install some mods for the game, there is some mods for the game in Mod DB. However, there's not many mods there because the game is not very popular. If you wanted to make a mod yourself, as for the sprites, you can use art and editing programs, any as you like. (In my case, I used MS Paint for drawing and Pixlr X for editing) As for the sounds, the best program to use is Audacity as it is good for editing sounds and converting their file format. This game only supports the ".ogg" file format for the sound files. Also, before replacing your game's assets, please make sure to make a copy of the original assets, or else you won't be able to get the original ones back unless you verify the integrity of the game's files.

Congratulations! You have successfully modded the game! Now open up the game and things should look different! I hope this helped you know how to mod the game. Have fun!
Btw, try checking out my WipEout ships mod for the game. It replaces most of the ships in the game with the ones from the WipEout series. If you don't know what WipEout is, it is basically the video game series that this game was inspired by. You should check one of the WipEout games out. Here's the link to the mod. https://www.moddb.com/games/super-laser-racer/addons/wipeout-ships-pack