$400 2200-pound e30 (1984 318i)
+ $1500 m60b40 v8 and 5-speed trans
+ $500 in other go-fast goodies (differential and electronics, mostly)
+ lots of cutting and welding
= e30 that will beat up an e46 m3, or pretty much anything else on the road, for less than 1/10 the price.

Most of the meets I've heard of started on the e30tech forums.

BTW, this e36 is going to the scrap heap this afternoon. Lemme know if you guys need anything from it. I'm saving most of the large parts.