Yes, but Die Hard, in the aftermarket, those stock Corvette engines can be pushed to 1000 HP and still be very streetable. You can buy street crate engines that push 900HP. There are those who would argue that much horsepower is useless, but then they are not familiar with tracking thier car.
As an example, this weekend at the 2.5 mile track at Texas Motor Speedway, it is open day for racing. $150 will buy a full day of it. I'll see Cobras (kits), Ford GT's (actually, there is only two that race regularly), Corvettes, Porsches, Lotus, BMW, and everything inbetween. It is just a safe and competitive environment for those who like to race.
That is where you can use that power. The current lead car is a Cobra with a 427 Ford small block. At the rear wheels, he is tipping over 600 HP. He drives it to the tracks. I have ridden in that car, and it will suck the blood right out of your eyes when he is in a hurry.
Although Texas Motor Speedway is a challenge due to its long straight. It will be a fun weekend.