Few things tickle our fancy around here quite like factory-backed racers of any variety. Take Ford’s wicked Mustang FR500CJ. It’s no secret the company has been tweaking on the next version of the ultimate drag package from Dearborn for awhile now. In FoMoCo speak, “CJ” stands for Cobra Jet the quickest of the quick.

Details are vague at the moment, but we do know an all-new blown all-aluminum V8 sits behind the headlights. With 5.4-liters of displacement and a new Whipple supercharger design, there’s more than enough power on hand to stand the car on end, as exemplified by the clip after the jump. Expect full details when the car hits SEMA in November.

Ford Racing has been testing the 2010 model of the Cobra Jet Mustang, and as it appears in the video just released, things are looking ‘Up’ to say the least. While preforming a test run in a development model with the new 2010 powertrain, the FR500CJ managed to pull off the line with a tall wheelie showcasing the massive torque and traction.

The ability to launch the front wheels into the air is achieved with the help of a new aluminum-block motor that weights considerably less than its iron counterpart. This leaves us scratching our heads thinking if we will get to see this motor under the hood of the 2011 Shelby GT500.

The Prototype vehicle was sold in 2009 Barrett-Jackson Scottsdale auction for winning bid price of $375,000.

Functional Features:

• 5.4 Cobra Jet engine
  
• Cobra Jet cold air kit
  
• Throttle body
  
• A/C deleted
  
• Crankshaft damper
  
• Cobra Jet bell housing
  
• 6-speed manual or 3-speed automatic transmission with SFI bell housing
  
• Stainless steel long-tube racing headers
  
• 9" rear axle assembly
  
• One piece driveshaft drive shaft
  
• Single hoop drive shaft loop
  
• Cobra Jet rear control arms and anti-roll bar
  
• Ford Racing adjustable dampers
  
• Drag race spring kit
  
• Cobra Jet wheels -- 15" x 4" (front), 15" x 10" (rear)

Exterior Features:

• Painted Cobra Jet body in white
  
• Cobra Jet hood scoop
  
• Cobra Jet Lexan backlight
  
• Flush quarter window louvers

Interior Features:

• 5" pedestal tachometer
  
• SVT Mustang short-throw shifter with black shift knob and handle
  
• Cobra Jet seat package