I have a 2002 Chevy Tracker with a 2.5 V6.  After looking at the cam position sensor I noticed it is adjustable.  As I understand it this is what controls the ignition timing.  With that said can I advance the timing to make it quicker like it was done in the days before computer controled crap started?

Not usually, modern cars have knock sensors to allow them to self-advance the timing as far as they can before it starts to cause issues. 

I would have to look up the FSM for the 2.5L and see how the cam sensor is supposed to be tuned and what it is used for, but you might cause an issue where it no longer knows where the cylinder is.

I don't think there is any possibility of it "not knowing where the cylinder is" - there's a separate crank position sensor to provide that information - in theory it's possible to advance the timing, but like Drone says, if the engine has a knock sensor it won't do much - I believe some of the 2.5s have knock sensors, and some don't.

in the old days to make it Quicker we would take out the carpet, the Back seat, and the spare tire,cut the a.c. Belt. Lol

You should be able to advance it a few degrees but before you do that you should check what fuel you are using and what fuel it was factory set for. I don't think that any of those models have a knock sensor.