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It's possible. You need every bolt on possible, a heck of a tune, tires, weight reduction, a heck of a suspension, and the most important thing... a heck of a driver.
if you gut the car, put in some 4.10's full exhuast (LT headers back). some axles and slicks, eibach drag race suspension kit, some control arms, new k member (weight) and full intake. i think that is capable of it probably. its also gotta be a coupe, not a conv... i think that could get mid 12's with a good driver.
Theres this guy I know around here that has a 99GT and when he had exhaust, cai and on hell of a suspension with DR's and he ran a low 12. Now thats one bad N/A GT.