Welcome to the TRS. The geeky side of owning a Ranger starts here.
Have a look through the the Tech section for ideas and how to's for your year and engine.
Performance no matter what direction you go always starts with "Tires". It doesn't matter if you are looking to go offroad, hit up your local track day or just plain better traction for street driving, your biggest jump in performance comes in the type of tires you install. If you are looking for Offroad Performance then a lift will need to come before tires so that the larger tires will fit under it. IF you are looking to daily drive it then tires and lighter rims will come first giving you the ability to hang in the twisty windy curves of back roads. Track days then a light weight set of rims and slicks are the best way to cut lap times or drop your 1/8 - 1/4 mile times.
Stay away from aftermarket Cold Air Intakes (CAI) as the rangers are already designed with a cold air intake from the factory. A high flow filter that fits the air cleaner box is all that is needed to free up the little HP's that you will gain. 2% increase is all that you will gain there and that is at most. Really only noticeable on a Dyno run and not in the seat of your pants. They do add the cool sucking sound of an intake though.
If you are thinking of a turbo or super charger keep in mind that an ECU, injectors and most likely a fuel pump will be needed to accommodate the extra air flow entering the motor. 7-8LBs of boost is usually all the stock internals can take and then not for very long. 5LBs is usually safe for extended periods on stock internals. Now if you have the engine built for boost then that cost big $$$ but then you can really add in the boost.
If 2WD you may want to consider a lowering kit but be cautious here as there are down sides. One major one being some states limit how low you can go and going over bumps like curb access to shopping centers and speed bumps/dips can be problematic when lowering your ride. Adding in some stiffer sway bars helps limit body roll which also helps for a daily driver and all types of tracks.
I personally like to add some spice to my vehicles by customizing the interior and exterior of it. There are way more options on this side of things than the bolt on performance side. Many mods can be done on the cheap here if $$ is an issue. You can also spend a lot of money here also if you so choose. Customizing the exterior is the easiest way to make it stand out in the crowd. Of course if you are looking to race then you may want to consider building a sleeper. A plain jane looking exterior with many go fast parts under the hood and suspension.
It's all up to you, your imagination and the money you are willing to spend.
I hope this info helps you find your own pathway on your build.
Please post pics of your ride! We all love Pics here. It's eye candy and we have a major sweet tooth!!