Soviet-era ekranoplanEnlarge Photo
DIY Hoverwing. Image via The Nelson Mail.
Well, sort of. A New Zealand man built a Subaru boxer engine-powered vehicle he calls the Hoverwing, which is a cross between a conventional hovercraft and a ground-effect airplane, capable of 61 mph at 4-5 feet above the water's surface.
The concept isn't actually new--even of the Subaru-powered, DIY type--but new or not, it's still unreasonably dangerous, looks unspeakably fun and it's something you can build yourself if you're sufficiently motivated and capable. That's the sort of thing that deserves another look.
Check out Universal Hovercraft's site for a good start on building your own.