Its as good a chassis as any other everyday non-sports car. Depending on what motor you have, it makes a difference on what you can do. Also, if it has an automatic, you will need to either spend some serious cash to beef up the transmission, or you need to swap to a manual trans, which would be better for racing anyway.
If its going to be a track car, see if you can't find a performance cam, and get the heads ported. You will also want to open up the exhaust. If you want to keep it street legal, you will need real high performance cats, the regular run of the mill Magnaflows are NOT high flow cats. Even though you will run it on the track, you should use a muffler, go with a straight through type. Do not bother with dual exhausts, they do not improve power, the routing is just about impossible, and it will add weight that in a drag race will slow you down. An ideal pipe size is 2.5" for a modified engine that needs top end horsepower.
Also strip out all the unneeded carpet, seats, etc. You need to get rid of as much weight as you can. If your model doesn't have a plastic intake manifold, see if you can't find one off a newer model. Since the engine would be modified, headers would be better and lighter than stock manifolds. You won't need air conditioning on a race car, you should also get a set of underdrive pulleys.
Don't expect it to beat any turbo cars or V8s, but it should hold its own against other V6 motors and 4 cylinders, and even some turbocharged 4 cylinders.
If you are drag racing on the street, thats another story. One the street, you need to keep the car comfortable and street legal. Forced induction would be the way to go there because you don't have to give up drivability or fuel economy to go that route.
All of these things cost money. Be prepared to shell out some serious cash for many of these upgrades. If you can get it fast enough, you might get a sponsor.