This project, called Cardon Copy, by designer Cardon Webb is so awesome. According to his website:
"Cardon Copy takes the vernacular of self-distributed fliers and tear-offs we have all seen in our neighborhoods. It involves hijacking these unconsidered fliers and redesigning them, overpowering their message with a new visual language. I then replace the original with the redesign in its authentic environment."
Isn't this such a clever idea? It would be a great project for typography/design students or even a weekend workshop.
*found via random inspiration