Bioshock Rapture is set many years before the events of the first game. From around the 1940's when Ryan comes up with the idea of Rapture. The construction of Rapture and it's eventual downfall. It events of the book lead up to 1959. A year before the first game.
Planescape Torment, the GOG digital version comes with a PDF novelization. It tells the story through the perspective of a neutral character. It's very much true to the game. --- http://www.last.fm/user/akuma634