You can get into the low 12's on the stock 2.0L and tranny. If you spray some nitrous ontop of say a vf22,vf30,vf34 with a decent clutch and a good driver you can get high 11's. Dont expect the tranny to last very long though. If you want to be realiable and cheap dont go over 300whp you can do a stage 4 setup with a street/strip clutch and be pretty set. This setup can still get you into mid-high 12's.
Just my .02