They have a site up with some information: http://www.projectcobb.com/conebasher/

My understanding is that over $70,000 has been invested into the Conebasher Project car. You should keep in mind this was a car built for autocrossing and not the 1/4 mile.

Cobb Tunning is also working on 1/4 mile Project GC8 (Project 666) which should be fairly impressive as well. They are claiming goal of a 9 second 1/4 mile. The website is lacking details and is a little goofy but here you go: http://www.projectcobb.com/666/

Crazy stuff! :o