this isnt so uncommon, here in college we have an FSAE team.
Its a 610cc engine on a go-kart, basically. We race, we are allowed to add turbos, superchargers, etc, and the only catch is that we build the frame and get the parts ourselves.
Its a great club, and I reccomend you guys check it out, our car has a Yamaha engine with a 6-speed racing transmission, and we havent found a course that has allowed us to hit the top speed yet (but we've clocked it over 120).
http://www.sae-a.com.au/fsae/