I think I have a potential car. It's a 99 BMW 323ic with a non working top and some brake issues. All of which should be fine since I'm going to gut and cage the interior and brakes are not included in the $500 limit. I have some nice Apex wheels that have the right bolt pattern, but not sure about the offset. I suppose since it's a racer I could cut the fender to fit the wheels.
If you guys are at all interested other teams are looking to fill spots for drivers at races as soon as March @ Infineon/Sears Point. Most teams want you to pay your entry fee and have your own suit, helmet, shoes, etc. but other than that you just show up and participate.
http://www.24hoursoflemons.com
if you go on the forums under human resources they have the teams looking for drivers.