Lola Madrid, a Spanish creative agency, is working on a project that turns old cars into new bicycles. Each bike is hand built by bicycle shop owners using materials that are sourced from junkyards: car metals are recycled to build the frame, transmission belts become bicycle chains, turn signals are used as reflective lights, and the bike seat and handlebars are covered with car upholstery.
The bikes are still in prototype, but you can find more information and sign up for updates on their website.
Find It: Bicycled
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(Image and Video: Lola Madrid)

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That is amazing, great concept.
I LOVE smart people!
I'm in awe. Love.
I have rarely seen anything as stupid, some tiny percentage of a car is adapted to fit a pre-existing bicycle. This is little to do with function and will do nothing to aid recycling but the sort of people who would buy such a thing are as likely to display it as ride it. This is about art more than the environment.
The amount of labor involved would make this seem cost-ineffective.