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Well, something boost related is definitely the right idea, but the budget might be a little bit tight to do it 'right'.

You could take your pick of forced fed goodness, but you have to remember the supporting mods. Fuel and air flow are the most important, and ignition is in there too, especially with the better factory flow of the cobra over the GT.

Beyond that you should think of your driveline. How long is that drive line going to hold up to boost?

Not to discourage you, of course, but sometimes it's better to make sure you can put the skinny to the floor and not worry in the back of your mind that something is going to break.
 
invest into some sort of mutual fund getting close to or more than 12% return on your money.....




ORRRRRR if you are determined to spend it on your car... id say supercharger!! or if thats not what you are going for... suspension, gears, heads, cam, intake, upgrade the tranny, aluminum driveshaft, new radiator... then next time you got some cash laying around you can do the supercharger and realllly go fast