Something to try that may let you find out if it's a motherboard problem or something else. (1) Power down the computer. (2) Unplug the power supply from the wall socket. (3) Unplug all USB devices. (4) Press and hold the power button for about 15 seconds to dissipate any residual electrical build up in capacitors, etc. (This usually forces mobo to reset itself.) (5) Plug power supply back in, power up computer
without any USB devices plugged in. Wait until desktop appears and all startup components have kicked in. (Might be a good time to have a beverage of your choice to make sure computer has stabilized.

)
Open device manager and make sure you don't have any errors showing. If there's a specific driver for the racing wheel still installed, uninstall it now. Starting with the racing wheel, plug it in and see if it gets recognized. If
yes, use the wheel for a while and see if any issues occur. Then start plugging in your other USB devices
one-at-a-time.
If the wheel stops working you've isolated a possible issue between the wheel and another device. At this point I might constact the wheel maufacturer's customer support to see if they have other reports or even a work around.
If
no, record what error(s), if any, are given such as driver not found, incompatible device, etc and contact the wheel manufacturer's support center as above.
For those who may have similar issues but on a laptop, after unplugging all USB devices and
BEFORE pressing/holding the power button remove the laptop battery. After pressing/holding the power button for the 15 seconds or so, reinstall the laptop battery
BEFORE plugging the power supply back in.
This may not provide a permanent fix but may isolate what the problem is. Hope it helps.
EDIT: Just saw your post about having recieved an installation disc with the steering wheel. Might be a good idea to pop that disc in your CD/DVD drive and look for a ReadMe file or something similar. There may be specific instructions on how to install the driver or troubleshooting steps to take if the wheel doesn't work.