This guy converted a no prep drag car, to water cooled nitro, and even built a working parachute for it. It'll do 38 MPH, and looks like an absolute blast to run.
I have zero experience with RC drag racing, but spent years going to the local 1/4 mile track in Central FL, every Saturday night. Being quick isn't the same thing as being fast. So, I don't know if at 38mph it is competitive or not. But, it does look and sound super cool.