do a split port swap, get a stage 3 power pak from super six, add an intercooled twin turbo from tmaturbo.com, bolt up some LT headers and free flowing exhaust, and a good tune and a new rear end (8.8). think about a 5 speed swap, if not, then a new torque converter and a shift kit are a must. have fun. good luck.
its all together a little more than 7 grand, but you get the idea. you'll also need an upgraded fuel system (pump, injectors, etc) some better brakes to slow it all down would be nice. and some springs for better handling/stance. bigger wheels and tires, lower control arms, and some shocks/struts to put it all to the ground. gears and t-lok so no one wheel peels.
there will be other little odds and ends that aren't listed, so be sure to add that into your planning. have fun. good luck.