that is an excellent car to start with. Stealth, wide track arms, and losi steering setup.
Clean it all up first and foremost and repair or replace anything that is questionable.
As far as electronics, there is a couple ways to go about this.
you can go very cheaply and look to places like hobbypartz for radios and brushless systems. Or, you can dig around on hobby websites like tower and the like to find something familiar.
If I was starting from scratch with a chassis, I would go with something like this, bear in mind this is a middle of the road, cost driven decision, and may not be your cup of tea, or others may have much better ideas for better cost, or maybe higher cost but better performance.
I would get a radio like this:
http://www3.towerhobbies.com/cgi-bin/wti0001p?&I=LXWPW0&P=ML
I've got this radio for my son's grasshopper and it works well. no antenna wire on the receiver either! The receivers are cheap so I bought another and have that in one of my cars too. Radio is a little light and cheap feeling, but it works fine.
this is standard servo:
http://www3.towerhobbies.com/cgi-bin/wti0001p?&I=LXVW07&P=ML
servos are like opinions. everyone has a favorite. not quite sure what is state of the art that is cost effective, but this is a start.
http://www.ebay.com/itm/Team-Associated-SC700-BL-Brushless-ESC-Speed-Control-Reedy-3300Kv-540R-Motor-/140657052252?pt=Radio_Control_Parts_Accessories&hash=item20bfd04a5c
these are all over ebay and the standard associated RTR brushless systems. I figure if they are associated, it's reasonable enough to expect they will work well and have a decent customer service.
for a lipo, that is where your overseas places will be very cost effective. something like this will work really well, and then you also need a charger.
http://www.hobbypartz.com/98p-25c-4000-2s1p-hardcase-direct.html
http://www.hobbypartz.com/thac6smbachw.html
TONS of other options, but at least this gives you some idea and specs to compare with. ENJOY!
Question is I wanna update it with newer electronics but i don't know whats really out there or what parts to put in. I haven't touched and rc car in 12 years so I'm out of the game lol. Im not gonna race it but i am gonna drive it at the local track. I've been reading up on brushless motors so i was thinking of putting that in there. If you guys can just provide me a list of updated electronics to use that would help me out big time. steering servo, esc, motor, transmitters, etc..... thanks for your time i appreciate it 
