As many have already pointed out, there are gobs of fun cars to be had at this price. As a rule of thumb always get a pre-purchase inspection on anything you are seriously considering. The small fee, usually $125 or less, can save you serious headaches down the road. Having the autocheck or carfax report would also be nice, but they can never be fully trusted as they only show "reported" incidents. My list would include:
BMW e36 M3 - preferably a manual sedan, only made in 1997-98, so they are somewhat rare, but more useful and supposedly handle better than the coupes.
BMW z3M roadster or coupe - if you can get over the looks, these things are a blast to drive. The coupes are more rare, and hold their value better than the roadsters. They do tend to have subframe issues, so verify that it has been corrected under warranty.
Honda s2000 - very nice car. Great handling, serious engine, and rear wheel drive. And it''s a Honda. Enough said.
Ford Focus SVT - Best car in it's segment, besting the civic si, neon srt-4, and gti. Cheap enough to buy and add a supercharger within your budget.