Designed to be the ultimate Corvette, the ZR700 boasts 705 hp and 717 lb-ft of torque.

Hennessey Performance Engineering has unveiled their new Z700 Limited Edition which is based on the 2010 Chevrolet Corvette ZR1.

Designed to be the ultimate Corvette, Hennessey equips the Z700 with an upgraded supercharger, exhaust, and air induction system. These modest modifications allow the ZR1's LS9 engine to create 705 hp and 717 lb-ft of torque, instead of the standard car's 638 hp and 604 lb-ft of torque. This healthy performance boost is backed up by lightweight carbon fiber wheels with Michelin Pilot Sport Cup tires, a carbon fiber front splitter, canards, and a rear spoiler. The net result of all these changes is an impressive 0-60 mph time of 2.9 seconds and a 1/4 mile time of 10.6 seconds.

Hennessey also decided to address the ZR1's biggest weakness, the interior. In order to spruce up the Vette's dull cabin, the company adds lightweight carbon fiber seats, and an Alcantara steering wheel and shift knob.

Perhaps the most interesting aspect of the Z700 is the options list. The typical custom interior and exterior colors choices are there, but so are two extreme performance packages. The Z750 package boasts 755 bhp while the Z1000 package features 1,000 bhp thanks to the addition of twin turbochargers.

Only 24 Z700s will be built for 2010 and each one comes with a full day of performance driving instruction at Hennessey's Lonestar Motorsports Park.

Gallery: Hennessey Announces ZR700 Limited Edition with 705hp