Steve Jobs may be napping on this application, but thankfully a Mustang enthusiast from Northern Colorado wasn’t. Setting higher standards than current suppliers of navigation and other automotive electronics have, this All Ford Mustangs member has worked through the process of installing an Apple iPad in his 2006 Mustang.

We found this cool news item via the All Ford Mustangs site.

Photos: AllFordMustangs.com

The results? “Awesomeness!!! The iPad was made for the car, GPS works way better than expected and real time traffic and construction updates are amazing! Streaming Radio is also amazing.” It took a couple of attempts to get things to where they wanted, but in the end, he’s got GPS with live traffic, 3G Internet, streaming radio, onboard diagnostics, iTunes, Apple’s App Store, a high resolution display screen, video playback, along with YouTube, email, calendar, contacts, and more… all for about $700.

Well, that’s the beginning anyway and there is a workable solution that you can put in place at that price. All Ford Mustang’s went further by installing a $599 3Sixty.2 signal processor from Rockford Fosgate, with a $150 PLX Kiwi WiFi unit.

Downsides? Two issues are listed. Overheating is one when the car is parked in the open. The other is portability. With its current setup, they can remove the iPad in about three minutes, but would like it to be a bit faster than that.

Installing a full-fledged computer into a car has been the ongoing dream of many enthusiasts. It sounds like the technology has put a practical solution a lot closer for many than it was before the iPad came out.