No, its not combustible on its own. Thats a kit where you plume in extra fuel or some people use propane and then add a spark plug into the pipe and it lites it up. Its really gay.
Remember that the exhaust on Ferrari's are much shorter due to the rear engine design. You would see this happen on almost any car running catless, expect for the fact that most cars have the engine located at the front with a very long exhaust. The flames never make it out the tail pipe.