"Corrected" numbers

[DANS66DART]

When people run at tracks like the LA Dragway and other high-altitude/temp places, they usually have their times corrected to reflect normal temp and pressure at sea level. Does this work with any number you're trying to find? For instance, down here in Florida, it stays hot almost year 'round. Obviously, this means that a relatively high air temp is being taken in by the engine. Since colder air is "better" at making power (denser), is there a way to correct for hp, torque and anything else by applying a "standard" temp baseline?

Dan