Okay so im new to all this coming from ohio and just got my first ranger and I love it! Dont get me wrong theres nothing wrong with what if has in it now but I like to street race with my buddies but I was wandering if there was a way I could possible boost/turbo the 2.3

 

Yes, the '86 Ranger will have the 2.3l Lima engine, this engine was sold as a turbo in a few Ford Cars, these can be swapped into the ranger.
’79-’81 Mustangs, ’85-’89 Merkur XR4Ti’s, ’83-’88 Thunderbird TurboCoupes and some ’83-’86 Cougar XR-7’s, had 2.3l turbos

There are 3 articles here about the swap: The Ranger Station - Engine & Fuel Systems Library

In 2001 the Rangers got the 2.3l Duratec(Mazda L) engines, these were designed for Ford front wheel drive cars, transverse mounted, these are designated 23EW(east west).
The crank was changed for better torque and they were put in Rangers, 23NS(north south), longitudinal mount.
Just letting you know about these since you will come across them if Googling: ranger 2.3l
The 2.3l Lima and 2.3l Duratec are not related at all