This is a going to be a learning experience for you. Your main constriction is the money. You can MAYBE buy all the parts to make a proper conversion to a V8 since upgrading the suspension, brakes and cooling is also required but you will need to do ALL the work yourself since you have no more money.
Being "i dont know that much about cars", this may be a stretch for you.
You can also visit Clifford and get some go-fast parts for your car and you can afford the help of a mechanic to put it on for you. And it will be a more unique ride than every one else.