He's chipped and exhaust?
Are you both tip, or manual, or what? Quattro, FWD? It all matters.

But likely he's probably gonna beat ya, being chipped and exhaust he probably has more HP than you now, so the other factors come in to play.

Before you race him, take your spare out and anything else you can strip out of the car. Then, throw a few 50lb bags of sand in your trunk.
Then one day when you are over there, and his car is unlocked, put the 4 bags of sand in his trunk.
Then call him over and be like, "Hey, lets go race, Im gonna kick your butt!" and then proceed to beat him.

 

lol sounds good to me but were both manual and i dont know if he's quattro but i am and i dont know like i guess his chip only cost about $100 which i'm thinking cant be that great and at the same time he's four cylinder while i have a v6 so off the bat i have more low end tourque than him but i guess we'll just have to see