This plucky little monoplane is the Polikarpov I-16.  It was the first cantilever monoplane fighter with retractable landing gear to go into service anywhere in the world.  After decades with no flyable examples, a driven museum in New Zealand was able to acquire and restore a small flock. 

Check here for more on the restoration process:  http://www.nzfpm.co.nz/aircraft/i16.htm

With a 1000 HP engine and only 20 feet long, the I-16 is a a little hot rod and one of the least costly ways into the warbird fighter fraternity.  At least three of them are in the US. And from what I hear, these little guys are really NOISY (only short strait stacks--no mufflers or collectors to silence the exhaust).

The LOOTM for April, the Polikarpov I-16.  Enjoy . . . .

More great I-16 paint schemes here http://wp.scn.ru/en/ww2/f/317