Shelby GT500 "Code Red" - Click above for image gallery

There's so much going on at SEMA it's all-too easy to miss a few things. And while there are a ton of Mustangs, one would think that this Shelby prototype would have caught our attention – particularly since we were aware of its existence. Back in September we reported that on some potential future Shelby models, one of which was a 1,000 rwhp twin-turbo GT500.

Nicknamed "Code Red," this particular GT500 was created in collaboration between Shelby American and Nelson Racing Engines – the same firm responsible for the 1,800 horsepower Mosler MT900S. The heavily modified 5.4-liter V8 features twin 61mm Turbonetics turbochargers along with a dual fuel system that includes cells for both race and street gas as well as an electronic boost controller that can vary boost for each gear.

If Shelby offers a production of the "Code Red" GT500, expect plenty of other goodies to be included like Baer 14-inch brakes, Shelby/Eibach adjustable suspension system, 9-inch Currie rear end, 10-point roll cage, and plenty more? Price tag? Shelby estimates that the package (car not included) would cost around $100,000.

You can get a better look at the Code Red from the photos below courtesy of Nelson Racing Engines, and we've also included a video with Tom Nelson and Shelby's Gary Patterson testing the car out on the street after the jump.

[Source: Nelson Racing Engines, Shelby]

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