96gl,
it is the full cat-back system, minus the front flange (mates at the y-pipe, had to pirate it for my setup) and it is cut in front of the rear y, for easy transport.
To put it in, you will have to heve your stock flange welded on the front, the pipe welded back together, and a new hanger put on your car (non-SVT's don't have a hanger on one side) not a big deal, any muffler shop should do it for you for pretty cheap.
