I'm stripping my fiero to use as a track car, first car I've ever stripped and I'm wondering if it's ok to remove the caulking that's on the frame. What purpose does it serve?

That stuff is a "sealer".

If it's purely a track car, you don't need it.

It's a PVC sealer to prevent water with any contaminants from entering any gaps in sheet metal.

Thanks guys, good to know what it is and that it can be removed.