Best street Race cars
The cheapest, and easiest, way to do it is to take what you've got and go race somebody on public roads. This is dangerous, stupid, and illegal, but you can do it any time you want.
But perhaps you're asking about a cars like these, made famous on the TV show "Street Outlaws" -
These are purpose built street racing cars. They'll run low 7 seconds in the quarter mile (Sean, the owner of the Nova, says it's a 6 second car). 150MPH+ in the 1/8 mile. These are tube framed race cars with at least 1, 500 horsepower, built by professionals. Theoretically drivable on the street, but as a practical matter they get trailered everywhere. They cost as much as a house. The Camaro took "only" two years to build.
You aren't going to beat these cars without spending as much time and money as their owners did.
However, these cars are also featured -
The Farm Truck. Mid 10 second quarter mile car. No tube frame, no turbos. Wins an awful lot of money racing what most people would consider to be fast cars. You could probably do this for about $25K.