I was finally able to take care of some overdue projects during the weekend, including cutting off my rotting rear muffler. I replaced it with a couple sections of open pipe. Here's a link to pix:
http://www.flickr.com/photos/37215883@N00/sets/163037/
I like how it came out. I used an exhaust pipe cutting tool -- a free loaner -- from AutoZone to remove the muffler. Then I attached a 2.5" 45-degree elbow to the leftover stub, and a straight piece of 2.5" pipe to that. It angles out just behind the rear wheel. It would have been just as easy to run the pipe straight back, but I thought I'd try putting it out in the airstream to the side might eliminate the light soot buildup I get on the back of the car. Plus I just like how the side-exit looks.
The whole job probably took only 30 minutes and cost less than $20. It isn't any louder than before, though it does sound a little more "throaty". I've noticed that the turbo might be spooling up just a little quicker due to less back-pressure.