For the past decade or so, the 350Z and its successor, the 370Z, have offered mainstream buyers with a regular budget in many markets around the world the opportunity to own a fine-tuned and powerful rear-wheel drive sports car without breaking the bank.

Nissan is now reaching over to the same crowd to help create the ultimate Z car with the launch of "Project Z" that was announced today at the Chicago Auto Show where the Japanese company also unveiled the de-fanged 2013MY 370Z facelift.

And how will Nissan do that, we hear you ask? The answer is through its Facebook channel where fans will propose and vote on potential modifications while following the progress of the tuned 370Z online.

"Together we’ll create a vehicle that expands on the already outstanding performance and style of the Nissan 370Z with a balance of street and track ready modification," said Jon Brancheau, vice president of Nissan Marketing, NNA.

Nissan says that the Project 370Z will be built in several phases that include improvements to the powertrain, chassis, interior and exterior.

"For example, in the initial Power Phase, fans might vote between a turbocharger or supercharger for the factory 3.7-liter V6. Phase 2 may include suspension and braking systems," Nissan said in a statement.

The finished product is set to debut in late May during the annual “ZDayZ” event in the Great Smoky Mountains of North Carolina and Tennessee, while Nissan added that the Project 370Z will also be shown at other enthusiast events including ZCON 2012 and the 2012 SEMA show.

If any of you have any ideas how to upgrade the 370Z, the comments section is all yours (keep in mind, you can add pictures as well as videos in the comments).