Welcome to TN !
first of all , talking about street racing is a no no

on this forum. so if you don't want to get your threads locked,

avoid that subject.
How do you know your only running 5 psi boost? does the car have an aftermarket boost gauge? a stock MR2 Turbo ought to run closer to 9 psi, with a fuel cut off at 12 psi. so if you're only running 5 psi u have a problem of some type. broken Intercooler? there are no moving parts on one so I'm not sure what could be broken. there maybe a leak though.
before raising the boost , you need to make sure the engine is in good running condition. Ingnition system-plugs, wires, cap, rotor, etc.. cooling system, oil system, air filter and check intercooler hoses for leaks, loose clamps..wouldn't hurt to check brake system too. if you are going faster, you will want to be able to have good braking power.
then you can get a boost controller and raise the boost to 14-15 psi....but if you do so with an unsound engine, you may do some serious damage.the MR2 Turbo is great car. enjoy