Um, I've always been told that the difference is not where the oil pump is, but where the oil reservoir is. In a wet sump, the oil is stored in the bottom of the oil pan. The pump sucks it out from there (it doesn't matter if the pump is in the pan or external) and sends oil to the filter and bearings after which it drains back into the pan. In a dry sump there are scavenging pumps to suck all the oil out of the lifter gallery and pan and put it into an external tank. Then the pressure pump draws oil from that tank and sends it to the filter and bearings. Ideally there is only a thin film of oil in the bottom of the oil pan. This minimizes the oil picked up and slung around by the crankshaft, which saves several hp at 7000+ rpm (I've read claims of 10-15 hp), and the oil tank can be tall and skinny without dragging on the ground like a pan the same depth would, so the oil can effectively deaerate so the pressure pump always sucks nice oil and never foam. Usually the pressure and scavenge pumps are made into one long housing that is then driven by a single belt off of the crankshaft. The pumps and tanks are off the shelf items (about $1000 for a pump with one pressure stage and three scavenge stages if foggy memory serves), the plumbing and bracketry are custom. Going to Englishtown for the Labor Day GN-Mustang wars, I was struck maybe three or four years ago by how suddenly all the GN's that year had gone to dry sumps, when in previous years there would be maybe one dry sump and 6-8 wet sumps in the sub-9 second cars.