It can be in many places, although I've only been to one I know that it is some sort of celebration, where there is a big crowd and people riding on floats (a moving platform) throw plastic beaded...
With enough time and money you can make antyhing happen with engine swaps, i think the montecarlo fourm has something about fitting a 32v nothstar v8 found in 94and up cadillac sedan devilles it...