From: 2001 Corvette Z06 by Hib Halverson
Since 1993, Arvin, a market leader in OE exhaust products, has been working with Titanium Metals Corporation (TIMET), the world’s largest supplier of titanium raw material, on exhaust systems. GM came to Arvin with a challenge: build a muffler assembly that’s lighter than a stainless steel system, packages in the C5 and meets Team Corvette’s demanding performance goals. The results you’ll see under every Z06. It’s the first use, anywhere in the world, of titanium in a mass-produced, automotive exhaust system.
While Titanium is usually associated with exotic uses such as jet engine tail pipes, connecting rods in Formula 1 engines and Space Shuttle fuel systems, it’s common in nature being the fourth most abundant structural element. Titanium Oxide or "Rutile" ore occurs in ordinary, black beach sand.
From a performance standpoint, the stock C5 exhaust was already pretty good. Most C5ers buy aftermarket systems to change the sound and the look of the tailpipes. The Z06’s Arvin/TIMET exhaust not only weighs 41% less than the stainless system on other Corvettes, but to accommodate the LS6s increased exhaust flow, larger pipe sizes are used, the mufflers were changed to enhance flow and sound and the tips are different.
http://www.c5registry.com/zo6/hib/page5.htm