NEW YORK (CNN/Money) - Dodge, famously, launched its Neon in 1994 with the ad campaign built around the word "Hi," cementing the bug-eyed compact's image as perky, approachable -- even girly.

Nearly 10 years later, Dodge rolls out a Neon that can manage not only "hello" but "goodbye." This quasi-Neon, the SRT-4, is anything but a chick car. Instead, it bats eyelashes at the hormonal young males who've made hot-rod compacts the automotive rage.

Since the new-wave '80s heyday of the Volkswagen GTI, the pocket rocket class has been about speed on-the-cheap. Looks, handling and refinement are great, but largely secondary to the question on the downy lips of cash-poor collegians: Which car is guaranteed to show its taillights to the rest?

Quiz over, kids: With 214 turbocharged horsepower and a clutch-popping 245 pound-feet of torque, the SRT-4 makes a straight-line mockery of rivals like the Ford SVT Focus, Honda Civic Si and VW GTI. It's also a hoot and holler to drive, with a few reservations from this grumpy grown-up's perspective.

The SRT-4 (the N-name has been dropped from this production version of the Neon SRT concept) is the latest handiwork of Chrysler's PVO. (PVO stands for Performance Vehicle Operations, and SRT for Street and Racing Technology).

Created last year as Chrysler's in-house speed shop, PVO has already unwrapped the 500-horsepower Viper SRT-10, with a Viper-powered Ram SRT-10 pickup to follow.

For those who find an $80,000 Viper a bit rich, the SRT-4 offers pocket-sized thrills for one-quarter the price: $19,995 as tested.

The idea is to let owners skip expensive aftermarket customization in favor of a tricked-out compact that's factory-prepared, factory-tested -- and best of all -- factory warranted.

Dodge SRT-4 • Rating: Three wheels • Type: Front-engine, front-wheel-drive compact sedan • Base price: $19,450 • As tested: $19,995 • Engine: Turbocharged 2.4-liter four-cylinder, 214 horsepower, 245 pound-feet torque. • Fuel economy: 22 mpg city/30 mpg highway

Dodge has loudly touted the SRT-4 as the fastest production car in the U.S. for under $20,000. And the numbers say this compact sedan can blast from 0-60 mph in 5.9 seconds. That's quicker than any number of pricey sports cars and sports sedans, including the Porsche Boxster, Mercedes SLK, BMW 330i and Infiniti G35. Top speed is 148 mph, again taking a slice from several upper-crust machines.

The SRT-4 prettifies your basic Neon with special bodywork, including front and rear fascias and side sills. If its intent wasn't clear enough from a flammable yellow paint job, the soaring decklid wing on the back made certain: It's so arched and golden it should come with a side of fries.

Viper-esque cues include the sinister front air dam, driver's gauges and deep, snugly bolstered sport seats. A high-mounted boost gauge is a clue to the turbocharger that feeds a 2.4-liter four-cylinder, its power sent through a beefed-up, high-performance transaxle. The five-speed manual shifter, topped with a chromed ball, is notchy but effective.

Overall, the SRT-4 delivers that sprightly, can-do feel you crave in an overachieving compact. The chassis and suspension can't match the poise and professionalism of the SVT Focus. The interior looks thrift shop compared to the VW or Civic Si. But their owners can argue those fine points after you stop to let them catch up.

Testing the SRT-4 along the Hudson River in New York, I found the massive power can make it difficult to launch smoothly, as the put-upon front wheels scramble for grip. There's modest torque steer as well (the wheel twists in your hands during hard acceleration), though nowhere near as pronounced as in the identically-powered PT Turbo.

Once rolling, however, the SRT-4 romps off the line and never quits. The Dodge's huge torque advantage becomes almost unfair on the highway, where this Neon goes positively nuclear as speeds mushroom into the triple digits.

Standard ABS discs feature 11-inch rotors for right-now stops, though the Dodge's brake pedal could stand a bit better feel.

The suspension adds muscle with unique strut and spring tuning front and rear, 17-inch wheels and sticky, 50-series Michelin tires. Steering is laudably light and quick, though choppy pavement still brings out some of that bad-old Neon behavior of unsettled body motions and vibration in the cabin.

Other Neon deja vu includes too-small cupholders located down around your ankles, the rec-room carpet on the door bins, the ubiquitous, cheapo Chrysler audio unit that still makes you hit two buttons for a simple radio preset.

If anything will divide opinions, it's the muffler-free, dual outlet exhaust with big, 2.5-inch stainless steel tips. Now, I'll never suggest that an aggressive car shouldn't have an aggressive exhaust note -- outside the car.

But, and excuse me for shouting, ITS SO LOUD I CAN HARDLY HEAR MYSELF THINK, what with the Cessna-like levels of cabin noise and resonance.

The exhaust growls, gurgles and pops like an angry stomach filled with four-alarm chili. Picture the Dodge Viper's side-pipe assault played through a soda straw, and you'll be close. And after three hours behind the wheel, what started as cool and aggressive became rackety and tiresome.

Younger folks, however, may well dance all night to the Dodge's thumping beat. Most importantly, they can likely afford the cover charge. And once inside, there's no denying that the Dodge SRT-4 is one fun, fast, edgy little car.

If some of those edges are a bit rough, its hardcore fans won't mind one bit.

Lawrence Ulrich writes about cars for Money Magazine. You can contact him at autos@money.com.