1. Change front/rear arms to Drag Slash or Bandit 0 degree versions.
2. Get drag wheel/tire combo front and rear. Make sure rear are belted or banded.
3. Change to body of choice. You'll probably have to flip the front body post mount upside down.
4. Ditch the EZ Start if it has one for a pullstart or rotostart, or better yet, sealed backplate and use a bump box.
5. You'll need a wheelie bar. There are a few options out there, but mounting them will probably require some customization with holes, etc.
That'll get you started. If you get hooked and obsessed with getting faster, then you'll maybe think about taking it to the next step, which would be custom CF chassis and race engines.