I want one

The Terrafugia Transition, a light aircraft that can convert into a road-legal automobile, is to go into production after being given a special weight exemption by the US Federal Aviation Administration.

The Transition was designed as a "light sport" aircraft, the smallest kind of private aeroplane under FAA classification, with a maximum weight of 1,320lb. But the manufacturers found it impossible to fit the safety features - airbags, crumple zones and roll cage, for instance - that are required for road vehicles into that weight.

Uniquely, however, the FAA has granted the Transition an exemption - allowing it to be classified as a light sport aircraft despite being 120lb over the limit. More found here

Buzz Log on yahoo has a video of it here