whats the big idea with this, im i gaining any performance from it? What are the advantages/disadvantages? What parts should i wrap up?

 

Wrapping the exhaust piping is intended to help the pipes retain heat. If the pipes are hotter and the air inside is hotter, it will keep the hot exhaust air expanded in the pipes which will force it to exit the pipes faster since there is a fixed amount of space.

Some folks also wrap the intake piping in a boosted car to keep the heat from the engine block away from the air inside the intake piping for precisely the oppposite reasons you'd have for wrapping the exhaust.

Disadvantages are that overheating the weld spots on your exhaust can lead to hot spots which can degrade the welds faster.

You can buy DEI Exhaust/Header wrap from SummitRacing.com along with locking ties to wrap your exhaust if you care to.