Gibbs Sports Amphibians has been working on this amphibious ATV, called "Quadski," for 15 years and has spent $200 million doing so. Basically, it seems like it will be something special. The ATV can be driven right into the water and the wheels can be retracted or deployed with a button-press.
The whole thing is powered by a BMW four-cylinder that makes 175hp and 103 ft-lbs of torque, which is enough to power the Quadski to 45mph on land or water. Despite the $40,000 price tag, we can see the Quadski being popular with park rangers in Florida and Louisiana.