The team was originally based in Raleigh and played their home games at the Raleigh Entertainment & Sports Arena (now called the RBC Center) up until 2003.
For the start of the 2003 season, the team moved to Charlotte. They put up a dismal 0-16 record their first year, but would put up a 6-8 record the second. They drew an average of about 7,500 fans per game.
The team made the playoffs twice, neither of which were while the team was in Charlotte, but would only advance to the quarterfinals (2002) and lose in the wild card round (2001).
The generally accepted story is that the Cobras were only meant to be a space-filler in Charlotte, to fill open dates in the calendar at the Charlotte Coliseum since the NBA team had relocated. When the city of Charlotte was awarded an NBA franchise to take the place of the relocated Hornets, and the seasons overlapped, something had to give. The league knew it wouldn't have a place to play (and couldn't compete with the NBA), so it announced the end of the team. Players were made available to the other AFL teams in a dispersal draft.