Much more than just another over-accessorized muscle car (we salute you, Mr. 2010 Camaro), the FR500CJ Cobra Jet Mustang Ford unveiled at SEMA ‘08 today is being described as a completely race-ready production vehicle, more than capable of kicking ass on the drag strip. Released in tandem with the 40th birthday celebration of the Mustang Cobra Jet, the new FR500CJ will sit atop the Ford Racing lineup as king of the beasts and restore the glory of the 1968 Cobra Jet.

While meaty details like net horsepower and official lap times are currently being withheld, video leaked last month of the Cobra Jet throwing down on the tarmac has us prematurely pegging the FR500CJ’s 5.4L V8 at producing an ass kicking number of horses – technically speaking.

Full gallery after the jump