I hate to bump an old thread, but the reason your friends S10 would run that fast was cubic inches. The fat torque curve from a big block (at least 450-500 ft-lbs) plus highway gears makes for a pretty impressive ET. I ran a stock '70 vintage 460 from a Lincoln in a Fairmont, and that thing would run low 12s all day long! And I was running 2.75 gears too boot!
I definately agree that a power adder would be a necessity to make up for lack of cubes (at least to be tame enough for the street!). Just a little extra input.