If the Cobra guy is a top notch driver he will win all day. The STi can hit low 13's all day but breaking into the 12's stock is very very tough. A 12.7 was run once and once only on a stock STi and I have no idea how that happened. In a drag race it can go either way depending on the driver, but I think the Cobra has the advantage in the end.
But if you are going to be doing a roll race, the cobra should win all of the time. However if you are going from a stop on the street, STi will be able to hook up a lot easier and get a nice lead on the Cobra, so that race could be won by the STi, due to the AWD advantage on launches
They aren't that fast...Their advantage is having AWD and going from a dig...I ran one in my car on the high way from about 50-100 and I pulled about 3 cars on him...
One of the 99 guys on svtp raced a slightly moded STI (cat back and CAI, and a BOV) from a roll and from a stop. The 99's mods were cat back and JLT CAI. From the hole the 99 lost by 1.5 cars up to 90mph. From a 20mph roll the 99 won by about a car length up to 90mh.