This subject has nearly been beaten to death before... IIRC, the main contenders were...
1) DSMs (turbo Eclipse/Talon/Laser) or Galant VR4 - my biased vote & w/ AWD is easiest car to get into the 11s of the imports
2) Stang 5.0s - everything is dirt cheap for this car... it's got power-friendly displacement & really strong driveline (turbo SVOs are the road less travelled)
3) 240SX w/ SR20DET swap - I didn't vote for this because of the difficulties of having a JDM swap done & then sourcing Jap parts
4) SW20 MR2 turbo - a bit more expensive but still wicked fast... though parts are harder to find, price/performance isn't nearly as good as the top 2
Note: if you can find one, a Galant VR4 has the same engine as the DSMs (& the EVO) with AWD as well, but its more a sleeper
Also, you can probably find these cars as turnkeys:
1) Mitsu 3000GT VR4/Dodge Stealth TT
2) Nissan 300ZX TT
BTW, you CAN do donuts in an AWD car! Going fast with less $$ = factory turbocar/domestic displacement