This a car ripe for bolt-ons. I agree with Knuckes, the exhaust would be a good place to start. A full exhaust on these cars is usually good around 25+ HP alone. I would also consider rear end gears, 3.73's are a popular choice, but some people are happy with 3.55's. You might want to look for some GT-40P heads as well, they are cheap and plentiful. You will have to use GT-40 specific headers though, headers that work with the stock E7 heads won't be compatible.
I'll now address some of Ramon's statements;
"The 5.0L motor came in 215/240/300 horsepower versions."
The 300 HP engine offered in 1995 was the in the Cobra R, it was a 5.8L Roush-perpared 351.
". At seventeen years of age I think your parents made a huge mistake in giving you this car. "
Depends on the driver. I know a guy who had a 347-powered Fox body in high school, 10 years later the he still has the car and it's still in immaculate condition, not a scratch on it. When I was 16 I had a 1974 F-100 with a mild 390 4bbl, and 4.11 gears, The truck never saw a bodyshop (other than when we had it repainted shortly after buying it.) I even drove it through the blizzard of 1996 without incident (2WD truck + big block = not so hot in the snow). For all Ramon knows the OP could be perfectly responsible.
" this car is a little tired, has a lot of miles"
40k miles on a 1995 model car is not a lot of miles, I'll bet this car was a weekend toy for someone and has likely been pampered.
" But adding horsepower is a fool's errand as what can you do with 300 HP that you cannot do with 210 HP?'
Beat stock F-Bodies at the strip.
" But the 180 version has less weight and much more simple drive train and much better fuel economy."
O Rly? A whole 2 MPG overall as you can see here http://www.fueleconomy.gov/feg/Find.do?action=sbs&id=16466&id=16468
For proper performance driving AWD >FWD.