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Yes, if it's factory it's fuel injected. As for parts start with intake and exhaust. Cold air intake, headers, exhaust system even intake manifold. Fuel injected intakes are not cheap though, unless you get a deal on used, or go to the junkyard and pull the top end off like a 98 explorer with a 5.0 with the gt40 intake manifold and heads, they also have the GT40P heads, the GT40P heads will higher the compression a tad and flow better then the GT40, but you need certain headers for the GT40P heads, but if your gonna buy new headers anyway might as well get them for the heads that flow better. Just all depends on how much your looking to do.
 
If its in good condition, and if its the anniversary model (Convertible), its worth more stock since it was a limited edition car. If its not the special model one, best place to start is with teh suspension and chassis bracing. Itll make it handle better and safer all at the same time. Start with sub frame connectors, then Eibach prokit springs and some sort of performance shocks/struts like Tokico, KYB, Bilstein, Koni, etc. and a panhard rod.
As for more power dont waste your time or money on the explorer setup just get teh better stuff. Like TFS hi-port or AFR 185 heads, a nice cam, a good intake and exhaust. Then get it tuned and watch the f out, itll be quite a bit faster.
-P.
 
One of the best seat of the pants gains is to change rear gears if yours are stock.

A stock replacement clutch would work fine for a stock Stang. Otherwise, a King Cobra suits most folks just fine.

Good luck.