well, i'd rather not go into all the detail of what we did and how but...we used a 1967-68 125cc 2 stroke motorcycle engine and transmission, on a very modified frame that looked like this (bare frame no plastic parts):

with the same wheels/tires you would find on one of these:

took several months of work and nearly $60 (about equal to $200 today) to make it run with all used/junk parts that we procurred through various means...mostly legitimate.
the s.o.b. was loud and fast...too fast...had to put it in neutral and hit the brakes to stop it...the last great ride was taken by my friend down a major thoroughfare in high gear pedal to the metal wearing a motorcycle helmet, jeans and t-sirt...i didn't see what happened but i did hear the ambulance and police...he spent a couple of weeks in the hospital and several months with casts on 1 arm and 1 leg...lots of road rash...according to what i was told, he passed some vehicles including a police car sitting in a speed trap which went after him when he passed...the ride ended shortly when he
jumped over a railroad crossing, which broke something and he lost control...
there was a lot of lawn mowing and miscellaneous handyman work done to pay for a wood fence...and we spent the rest of the year contemplating how cool it would be to have actual racing go karts.