http://www.youtube.com/watch?v=2R2RgofpjSMI read through the RCMTC rulebook and about the only thing that you'll be limited to is the battery you're allowed to run. 2s in all classes except open, and that is 3s limit. Not sure if the Mad Force VE can run on less than 4S, so you'd be looking at a motor and ESC swap to compete in organized events.
The description says that it was running on one 2s battery.