I second what Fordman said.
The only thing I do not believe in is gutting out a car to make it faster, taking out the AC, power steering, etc... because then its not a car anymore its a go-kart. There are many AWD DSM's putting down nice numbers with minimal mods on the track also... it all depends on what you like really, domestic, import, fwd, awd, rwd, etc...
Anyone can make a cheap fast car by gutting it to hell and throwing nitrous on it. I'll stick to nice times with my music, AC, power steering, and full interior