i'd start by disabling the alarm by removing the power to it - if the immobilizer prevents starting, i'd remove it or bypass it also. That is the quick way imo. Removing power from the alarm is easy, bypassing the immobilizer is a bit of work. Just my opinion.
Yes, although bypassing the immobilizer is also not too hard.
1) Undo the cover above the cubby hole on the passenger's side. =
2) Unplug the big alarm harness. Your key fobs, power lock, and interior light will stop working. The connector looks like this (ignore the text of the post, that user was trying to unplug the immo and got the alarm instead):
http://www.lotustalk.com/forums/915943-post24.html
3) Remove the big plastic bulkhead panel behind the seats.
4) Find the immobilizer harness. It's behind the driver's seat, and has a bunch of black wires running to it (why all black? security measure? who knows?). It looks like this:
http://www.lotustalk.com/forums/att...nyone-removed-their-cobra-alarm-sdc10671w.jpg
5) Bridge the pins along the sides of the plug - i.e., put wires between where the | is in this diagram:
[|]----------[|]
[|]----------[|]
http://www.lotustalk.com/forums/att...rt-immobilizer-male-plug-jump-female-plug.jpg
This provides permanent power to the starter and fuel pump relay.
At this point your car will have no power locks, key fobs, interior light, immobilizer, or alarm system.
You should get no siren and be able to start your new spare car (ha!) up and test it out.
At one point our favorite Cobra expert SirLotus posted a detailed procedure for dissecting the alarm system to retain power locking without allowing the alarm or immobilizer to work. It was pretty involved and I can't find it at the moment.