Hello,
There is a lot of material on this site that will explain the process. Start over on the registration forum for details
http://www.clubcobra.com/forums/registration-forum/
Here is a link to the CA DMV site that outlines some of it as well
http://www.dmv.ca.gov/vr/spcnsreg.htm
Since you mention a pink slip I assume this is an existing car thats currently registered to someone else correct? Is it CA registered? If so how? In CA it should be registered as an SPCNS, not as a '65 Cobra or some such
SB100 will make the vehicle lifetime smog exempt, unfortunately there are only 500 SB100 exemption sequence numbers available/year. No SB100 doesnt mean it cannot be registered, but it will need to pass smog. Smog might be based on the year of the engine, or year it was first registered.
Maybe give us a little more information about the vehicle that he's looking at and we can give you a better response. How its registered, what motor its got, etc. Good luck, and assuming you are in the bay area, hope to see you both at a breakfast event.
Daryl