300 ponies from a 1.6? Not likely. Anyway.. you could spend a couple of grand on exhaust/manifolds/cams/software and crack close to 280bhp.
After that you're talking forced induction. Storm's rotrex supercharger kit is on its way and will be about 6 grand plus fitting, which will give you upwards of 450bhp.
C2 motorsport do a single turbo kit (VF engineering are still working on theirs) which makes 400-ish but those are both american companies so you'll have to do some fiddling to get the downpipe working on a RHD, plus their ECU software won't be suitable for your car so you'll need a custom remap after that. Cost is around $9000 U.S so add import costs to that.
HPA do a 450bhp turbo kit but its telephone numbers - approaching 20 grand once you add the uprated brakes and clutch (which are a necessity in a F.I R32)
JBS do a 550+bhp twin scroll turbo and costs around 12-13 grand, although that is a fully built engine and they're soon to be working on a lower powered (350-ish) conversion that retains standard engine internals.
Or you can just leave it as it is and be happy that you don't look like a muppet behind the steering wheel of a scabby vauxhall corsa
