Here's what I did, and I gained a noticeable increase in power, all for under $1000....
1) K&N Filter ~ $40. 5 minutes to install
2) Headers ~ $90-$120 Depending on brand, go with shorties, you'll get more upper RPM power. Install youself and save some cash!
3) If you have two cats, replace them with a single 3 way cat ~ $180 installed
4) Cat back exhaust with 3inch exhaust tubing, more authorative sound and power ~ 300 installed
With these mods, plus a couple other things I did, like homemade CAI ( since my Bronc is EFI) and installation of an electric fan. I estimate about a 35 HP increase, mostly in the 2250 RPM to 3500 RPM range. I also probably gained about 20 lb-ft of torque. Plus, with the easier breathing brought on by the filter and exhaust I saw about a 2-3 MPG increase in fuel economy, so I enjoy about 15 MPG. Anyway, these are farely simple and very practical. Of course it never hurts to make sure your truck is in good running order, i.e., full tune up ( plugs, wire, rotor, cap, PCV, fuel filter, tranny fluid and filter, etc..). Anyway, Im done preachin', good luck!