Hey techno, back to your original question..... before I upgraded my exhaust, I had the same exhaust as you by the looks of it (with the single bolt on the endcap). That end cap does come off if it is infact the same one I had, you just need to "persuade" it, I had to tap the side of the end cap with a rubber mallet while pulling the cap with a pair of needle nose pliers through the factory outlet pipe...
If you can get it off, heres what I did with great results.
Drill three 3/8" holes in the encap, and with the cap off I drilled 2 holes through that internal baffle that is welded in the muffler. Also you'll notice that attached to the endcap is a long pipe that fits into the baffle....I cut that off as well. Along with upgrading the airfilter ( or just drilling out the factory cover) it netted some pretty decent power gains....considering it didnt cost me a penny.
-Dan