We (Purple Hays) took an '88 4cyl Mustang with a blown engine and crappy automatic trans and bought a wrecked '98 Ranger 2.5 cyl 5speed and swapped it into the 'stang, wiring harness, instrument panel and all. Other than safety, everything else was on the cheap. (stock, worn out shocks and springs, stock wheels, skinny tires, exterior metal building paint put on with brushes.)
The only concession to speed was a cheap-ass cold air system that was already on the Ranger.
We were really, really slow. Driving the car was like steering a washtub with a stick. We figure after paying for everything, we have about 1,000-1,200 each (there are 5 of us) in getting the car to the first race. We can make the car faster without spending much money (hell, the judges TOLD us to spend more money on the car, but we were out of money and time when we got to the track lol)
Everybody was great, and we really enjoyed ourselves. We are going to try to race a couple of times in '11.