We show that dipolar interactions between ultracold polar alkali dimers in
optical lattices can be used to realize a highly tunable generalization of the
t-J model, which we refer to as the t-J-V-W model. The model features
long-range spin-spin interactions J_z and J_perp of XXZ type, long-range
density-density interaction V, and long-range density-spin interaction W, all
of which can be controlled in both magnitude and sign independently of each
other and of the tunneling t. The "spin" is encoded in the rotational degree of
freedom of the molecules, while the interactions are controlled by applied
static electric and continuous-wave microwave fields. Furthermore, we show that
nuclear spins of the molecules can be used to implement an additional (orbital)
degree of freedom that is coupled to the original rotational degree of freedom
in a tunable way. The presented system is expected to exhibit exotic physics
and to provide insights into strongly correlated phenomena in condensed matter
systems. Realistic experimental imperfections are discussed.
