since your a noob, tear apart that picco so you know how it works and goes together...then, throw it in the garbage. and again, since your a noob, run, not walk, to your nearest hobby shop and buy yourself an OS .12 CV. then get yourself a DuraTrax Stage II Performance head for the OS .12 CV. an O'Donnell head is the same thing if you can find one. if you think you need a new header and pipe, OS makes a great lilttle polished pipe that makes the CV scream. you'll just need to port the header a little to open it up (if you don't own one already, you'll need a dremel tool for this). here's everything you might need.....
OS .12 CV......http://www2.towerhobbies.com/cgi-bin...?&I=LXBZ14&P=7
Associataed Header for .12 motor......http://www2.towerhobbies.com/cgi-bin/WTI0001P?&I=LXSK36
Header Bolts for OS......http://www2.towerhobbies.com/cgi-bin...?&I=LX3424&P=V
if you need a pipe coupler, Losi makes one of the best (and stickiest...so it doesn't slide off). it's part number LOSA9325 and sells for about $2.50.
if you buy the OS pipe, you'll also need some JB Weld to adhear the pressure nipple to the pipe. you can use either the quick set or the regular. you can buy it at AutoZone or almost anywhere else at auto parts or hardware stores.
if you wanna spend the money and want a little polished bling on your CV, you can get yerself one of the kingheadz heads for your CV.
there are a ton of aftermarket head manufactures if there is something else that you perfer to run.
you'll also need a good airfilter. the one that comes with the CV is ok, but it's just that....ok. i strongly recommend the MotorSaver airfilter. Tower carries them also.
here's a pic of my adam drake (1st edition). it has that OS set-up in it that i just showed you. trust me......it screams, and is waaaaaay more than capabable of running with the italian powered trucks.
here......that's more help (and detailed help at that) than anyone else was willing to give you...........now get to wrenchin' and stop yer