It depends on what you are looking for as well. If you want a basic bolt on the CAI is a good way to start. It will deliver denser cold air into your engine and you will generally see a 8-15 hp diffference but don't quote me on that. You won't really be able to feel it since its just one of many mods that will add up to make a difference. As for exhaust goes. If you want your car to sound like a beast exhausts will really help you open up your cars power. What I would start out with for exhaust would be to pick out a cat-back system which will have all the necessary hardware for it to function and you will pick up more hp and torque as well as a deep tone exhaust sound or whatever type of sound you are looking for. The SLP Loudmouth cat back system seems to be popular among these forums and you can go to the videos section of this forum and download a few clips to hear what it would sound like (For me I have to right click the files and click "save as" to view some of the files). Or if you want to save some money and don't think you need to replace your entire cat back you can just get some performance mufflers with an off road X or H pipe or if your area has restrictions over the sound and or pollution you may want to get them catted.
There are A LOT of knowledgable people on this forumn who know a great deal more than me but I'll help you out as much as I can for now since I came to this forum too to try to get as much information as I could. CAI or exhaust would be a good first mod if your looking for some power.
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2002 Saleen Mustang S281 #379
-Steeda rear Upper & Lower Control arms
-Saleen Bassani O/R X-pipe,Borla catback w/resonator tips
-Saleen Pullies + intake
-"Saleen" bumper insert
-Smoked head & tail lights
-SCT 4 bank chip w/ 1 tune
-19'' black 5-spokes with 3 1/2'' lip
-FRPP 70mm TB
-MM front coil over kit
-MM caster/camber plates
-13'' Front CobraR brakes w/ Cobra rear
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