Since the Camry is front-wheel drive, you can't do any proper drifting since drifting, by definition, involves breaking the rear wheels of the car loose with the throttle and sliding sideways through a corner. The best you'll be able to manage in a front-wheel drive vehicle is a handbrake turn...
I'd say it's a good deal. My friend just bought a Virago that's 20 years older than that one for $1000. You should jump on that before someone else does.