Time will come that you will see cars flying around. The technology is here. They just need to perfect it.
Last March 5, 2009, the Terrafugia Transition successfully made its maiden voyage at Plattsburgh International Airport. Terrafugia Transition is the name of their flying car.
Here are some pictures from their website.
More information from Cnet News:
As a car, the two-seat Transition is designed to be easy on garages and oncoming traffic–its wings fold up quite snugly. In folded mode, the approximately 19-foot-long vehicle is 80 inches wide, and 6 feet, 9 inches high. As an airplane, it stands a few inches shorter and has a wingspan of 27 feet, 6 inches.
The vehicle runs off unleaded fuel from your run-of-the-mill gas station for both terrestrial and aerial travel, cruising at highway speeds on land and better than 115 miles per hour in the air.