ehh I wouldn't take that bet.
Yeah, even as a solid build :
Quality Warrantied B18C5 with some upgrades ~$4000
Quality Turbo Kit w/Intercooler ~$3000
Spend the rest of the $8k on LSD, custom ECU, strong axles, small NOS shot, manifolds, fuel delivery, wiring, etc. Get 15" fatty sticky tires (low profile is all show / no real go) Gut the car down to no carpet/headliner/backseat/stereo/AC/etc, pretty easy to get a Civic below 2000lbs from the mid 90s. Most of these parts are easy to find used (stolen? Hondas are notorious for attracting thieves).
Bingo : Done correctly, it's an 11 second or better 1/4 capable car (in other words, around LP640 speeds). A NOS shot might break into the 9s, but NOS is stupid IMHO. Of course, it's still a rice box, and would be almost certainly illegal in the condition described above in most states.