A Stock '94 Cobra?
And is yours Manual? ...Thoses are two things you should've said.
Anyway, other people are going to say.... swap the engine or get a new car, balh, blah. So, i'll try to take it some what serious and keep it short and simple.
Engine
1. CAI
2. Bigger MAF
3. T-body
4. Ported Intake
5. Pulleys
6. Headers
7. Catback Exhuast
8. ECU Tuner (lose the speed limiter)
9. Small Cam (nothing to aggressive)
10. Ported heads
Suspension
1. Springs
2. Shocks/struts
3. Control Arms
4. Subframes
5. ...Basically anything to stop all the body roll and wheel hop, and hook up your tires quicker
Drivetrain
1. T-Lok
2. Gears
3. Clutch
4. short shifter
Wheels
1. wider tires/wheels (bigger contact patch= more traction)
Weight
1. Lose about 100-200lbs
All that should help you out alot, and if you don't beat a '94 you should atleast keep up with'em for awhile.