Earlier quoted context omitted.
Could use convolution with recorded impulse response (IR) files to achieve realistic results for different exhausts.
Not sure how one would be able to obtain impulse response of the exhaust system
Look up "digital waveguide" for some more details. This technique is mostly used in speech synthesis, where it can make pretty realistic human-speech-like sounds by modelling the vocal tract, but there's no reason it can't be applied to a car exhaust system.