I think a good resource for you would be to check out the GM forums as well, as they would know more about your car:
http://discussions.gmforums.com/ there's even a section there for Oldsmobile owners.
but definitely aftermarket exhaust, intake, headers, superchips, etc will all help boost performance.
You really should consider taking your car to a track as an alternative to street racing.
It's safer, both for you and other drivers on the road. and it's legal.
