What is the purpose of it? I'm assuming auto-x and/or show?

It looks like quite a bit of work was done. It's a little too over the top/ricer for my tastes. I'm sure it moves pretty good, they're really great motors.

Take a look at this: http://cgi.ebay.ca/BMW-M3_W0QQitemZ1...#ht_500wt_1182