depending upon the class you are racing, you would need to have a driving permit / licence for racing, which is different from your normal state driving licence. In case you are wanting to drive in an F1 seat, then you should have a proven track record in A1, Formula 3000, Indy Car racing etc. Also, when you have a sponsor to get you to F1, you can get a seat. Knowing the technicals of a car, aerodynamics, engine can also help you understand the car better. Each race is different in terms of the circuit, so the cars are made according to that, to suit the circuit. All in all, a driver needs to have knowledge on how to maintain his car, tyres, engine and get best performance from it.
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To be a racing car driver, you would need to be old enough to drive and you would need experience driving at high speeds. You would also need quick reflexes and an excellent reaction time.
You will have to pass your FIA Super Licence test. Yuji Ide had his FIA Super Licence revoked after 4 races into the 2006 F1 Season.