That slang term has lots of connotations.
Within the context I was using it, it can even be applied to people driving American cars with tacky/flimsy modifications and fartcan mufflers as well, or European cars, and yes, even Asian cars where the first meanings of the term originated from. In that context, it usually applies to 4 cylinder engines, but not exclusively.
I once saw some dude with a 90s model Mustang GT, with twin fartcan exhausts, a spoiler that looked like it was made in wood shop, and a Nike symbol on the rear window. Under the context I was using that term, that is a ricer, even if the car is American.
http://www.urbandictionary.com/define.php?term=ricer
Besides, I'm well aware that any car can be fast. It's a question of money, how fast do you want to go?