Yes, there is a Ferrari made out of a Fierro.
We don't quite understand why people keep building cars like these. Nobody will ever be fooled into thinking your Fiat 500 is a Porsche 911, or that your Honda Civic is a Bugatti Veyron. Admittedly, some of these are better than others, and the built-from-scratch McLaren F1 replica could probably pass as the real thing more often than not. But worst of all, we only know about some of these cars, presented by Shmee150, because their owners tried to sell them on eBay as the real thing.
In addition to the cars we've already mentioned, there is a Ferrari California made from a Lexus SC430, a Lamborghini Gallardo made out of a Dodge Stratus, a Pagani Zonda made from a C5 Corvette, a Bugatti Veyron made from a Suzuki Swift, a Lamborghini Reventon made from a Nissan 300ZX, a Porsche Carrera GT maddeningly made from a Boxster, and quite a few others made from things we could only guess at. Many of them aren't cheap either, with the creator of the F1 replica having spent $33,000 on the project. And we don't know how much it cost, but the owner of the red Enzo replica tried to sell it for €40,000.