then he was not racing or he/she can't drive. I have a 2006 Mustang Gt and before I modded the car a good bit. I raced a few E46 M3's and it was close (I had C&L intake and Tune). I used to have an E36 M3 with lots of mods (M50 manifold conversion, 10lb flywheel, sachs power clutch, aa tuning software, shorty header, aa tuning track pipe, B&B tri flow exhuast, Evo 3 UUC short throw shifter) My mustang stock felt a bit faster than my modded M3. The current mods on the Mustang are JBA LT headers, O/R H pipe, flowmaster mufflers, C&L intake, 4.10 gears, LFP dual 62mm TB I have not been able to race it against anything since the rest of the mods. Sorry but you did not smoke a new mustang Gt buddy. These (05-06 Mustang GT) cars run anywhere from a 13.2 to 14.0 in quater mile stock depending on the driver. An the E36 M3 stock runs anywhere from a 13.8 to 14.5.
As for the race between the 330 and the 02 Gt in a straight line the Mustang should win, but you will destroy him in the corners.