whats your definition of slightly modded? and yes, turbo cars can run 12's with slight mods. 1g AWD guys can sepnd aorund 1000-1500 and run high 12's. i believe like stage 1 mods (according to buschurs site) puts you around 300hp which is good for low 13's, high 12's in AWD.
but, if you stay NA figure out how much you can bore it out, and get high comp pistons and all the prting polishing you can possibly do.