HOLY SHAT I love this exhaust sound.....

ahhh the sound of a kenne bell running 15+ PSI. my guess would be just some type of straight through cat back and an x pipe will get you close. never going to sound dead on tho

mike
 
My guess is shorty headers, x-pipe, and two chamber flowmasters. But, a large part of that sound is created by the amount of air that is being pumped out of the engine with the kennybell.

If you put on shorty headers, h or x pipe, and two chamber flowmasters, you will come pretty darn close (minus the whipple whistle).

Or just put on electric cutoffs. Done.
 
That was MustangMagic's car, a mustang shop out of New York. They've done alot of work on cars in the mustang mags. They just recently sold that car to someone with an "offer they couldn't refuse." I'm sure if u went to their website u can find out what exhaust it has on it.
 
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I have talked to the guy through email, when i was interested in knowing what exhaust he has and he said catted x-pipe, kooks 1 5/8 long tubes, with a 3inch mac flowpath catback. IT WAS NOT BASSANI. Also...i have a friend with an 04 cobra, kenne bell, and full bassani exhaust (headers, x-pipe, and catback) it sounds nothing like that. The bassani catbacks for the 03-04 cobras have 4 inch tailpipe tips, you can see in the video that those tips are NOT 4 inches, they look like the 3 1/2 inch mac tailpipe tips that don't fill the bumper cutouts.