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As some of you may or may not know, there is a mod called "ZPatch" that allows users to uncap the game's framerate and disable VSync, as well as adding a borderless windowed mode. However, it seems like it doesn't work with the GOG version.
It turns out that the mod needs both "common1.bfs" and "common2.bfs" (and maybe "europe.bfs") to work, yet CD Projekt unpacked the files to a single "data" folder. So I went to grab an iso file of the game, and used "bfsunpack" for reference, and after so much downloading, I've managed to get ZPatch to work with the GOG version.

1) If you have not already, download a fix for some missing car textures:
2) Make two new folders in your FlatOut installation folder, and rename them to something like, "data2" and "data3". Go in the "data3" folder, and make a "language" folder. THESE HAVE TO BE IN ENGLISH.
3) Go to the original "data" folder, and move (cut) the "sound", "tracks", and "video" folders to "data2". Then go back in the "data" folder, go in the "language" folder, and move the "version.ini" file into the "data3/language" folder.
4) Download FO1-unpack-packer:
5) Extract the contents from the "FO1-unpack-packer.rar" archive anywhere you want.
6) Copy the "makebfs" folder to your FlatOut installation folder.
7) Open the "makebfs" application, click "Select files to pack", then go in the game's "data" folder and click "Select". Then click "MakeBFS", and type "common1" in the "File name" box, and click "Save". Once it is done, click "OK". Be sure the "common1.bfs" is in your FlatOut installation folder.
8) Now delete the "data" folder, and rename the "data2" folder to just "data". Then repeat Step 7, only now you need to type "common2" in the "File name" box.
9) Repeat Step 8 for "data3", then repeat Step 7, but instead the file name should be "europe".
10) Now you can delete the "data" folder, and you may wish to empty your Recycle Bin
11) Download ZPatch FO1:
12) Extract the contents from the "" archive to your FlatOut installation folder, and when ask if you want to replace some files, you may do so.

Now you can enjoy FO1 with uncapped frame rates.