The game has purchasable upgrades for the riders' snowmobiles which can improve handling, acceleration, and more. A trick feature may be performed by using two shoulder buttons in combination with the direction pad. The combination of buttons used determines what trick is performed. It is also possible to multi-combo on higher jumps to gain an even higher score. After defeating the mountain races, the player can unlock the storm sled, which is a thin, quick and agile sled capable of outracing even the fastest standard sleds.
Sled Storm offers two forms of racing for both multi-player and solo competition: Championship and Quick Race. Quick Race allows the player to play any of the available courses unlocked during the Championship Mode. The player selects from a pool of characters, each with a unique sled rated in five areas: top speed, acceleration, handling, stability and tricks. After selecting a character, the player can set the number of laps (from two to nine), time of the race (day or night), and even the weather conditions (clear, snow or rain). Championship Mode involves competing in a series of races to earn money as well as open up additional tracks and hidden characters. Two types of championship racing are available: Open Mountain and the Super SnoCross. The Open Mountain Championship involves straightforward racing down alpine terrain to receive a cash prize for winning. Cash may then be used to purchase upgrades such as treads, skis, brakes and spotlights. The Super SnoCross involves racing strictly for points earned by performing tricks on motocross-inspired courses. Earning enough points unlocks additional playable characters
Sled Storm also features a Time Trials mode, in which the player races to earn a spot on the leader board for the fastest time. After the Time Trials, there are a number of customizable features to tailor the game to individual preferences. After completing a few circuits, the player is able to mix and match the unlocked courses to form a custom championship. The AI can also be tweaked by toggling "Catch Up Logic", meaning the CPU-controlled racers will move faster once the player passes them. Finally, the multi-player perspective can be set to either a portrait or landscape view to show more or less of the screen while racing.
Players can also save unlocked characters, upgraded sleds and circuit progress using a memory card with one block free. The game includes support for the DualShock Analog Controller to offer both analog control as well as vibration feedback while racing. In addition, the included soundtrack features songs from the likes of Rob Zombie, Econoline Crush, Überzone, E-Z Rollers and Dom & Roland. Once players are through racing, they can put the disc into a standard CD player and listen to the music.