This link should be able to help you:
http://www.g-team.us/
this link suks verry expensive
heres how you do it
get like a second hand mower that's kinda rough get a bigger mower engine if u want then you put on a k&n airfilter and put a powernow in the carb thoes are made for dirtbikes but anybody could mod it to fit in a mower. you could also put a jet kit in the carb and bore out the engine to give it more horse power then change the pully size if it is belt driven id say a 9 inch on the engine and a 2 inch on the tranny then install an easy gas petal or lever then put an open exhaust to make it as noisy as possible and give it a little more speed, lower it , you might want to got custom stering wheel or handle bars put racing tyrods in cause stock wont handle the abuse then get some racing rims and some racing tires then got it a nice paint job then that's it
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According to this link: http://www.instructables.com/id/How-to-make-a-racing-lawn-mower/ moweracer (on the forum) invested $1500 in his.