Few names get the kind of respect in their field that Chip Foose's gets in the realm of car design and custom hot rods. That's why fans are excited to see he'll be giving away a custom 2010 Mustang GT to the winner of a free contest.

The car's build sheet reads like a sponsor dream list, with Magnaflow exhaust, Edelbrock supercharger, Bilstein shocks, Eibach springs, Royal Purple lubricants and Roush body work. It was actually built by Foost as part of Spike TV's MuscleCar series.

The contest is being run through Spike's PowerblockTV site, where those interested in getting their hands on a Foose original for no money down, $0 a month can register for free.

Entries are capped at once a week through October 12, 2009, so there's plenty of time left to get your name in the hat. In the mean time, you can ogle the car in the photos below.