This thread reminds me of this guy who went to my school, back when I was about 11 or 12. He was some rich dude's son and drove a very modified beetle to school.
It was a cabriolet, had a bright blue paint job, big and fat tyres, square headlights, fog lamps, a huge rear wing, etc etc etc.
I also spotted an air intake (like the 911 turbo) so my friend and I speculated that he bolted a turbo onto the engine. I don't know how fast/powerful or even if it's possible, but if the beetle's engine is similar to the early 911's, it should be feasible.
It will make a cool project - if I can find a cheap beetle model to cut apart.
:alien2: