Well in some ways, you can and can not. Its called "hybrids". You can take the engine out of lets say the R-34 Vspec tune it to 774hp, take the Chasis of something sturdy at high speeds, like the Toyota GT-One Road Ver., and drop a 1964 MG Mini body on it, stick some Super Soft's on it, and get one crazy ass speed record. Adding paint, I'm pretty sure you can't, but ask around in the Hybrids and Gameshark forum.
Hope I could help.