Someone said, "Hey, let's take a bunch of old Cadillacs and bury them nose-first in the prairie, so people can see the history of the fins." That was the genesis (sic) of Cadillac Ranch, and sorry for getting the Springsteen song stuck in your head.
Cadillac Ranch must be seen to be believed, and it is definitely worth the short side trip from Amarillo. Plus, it's on the Interstate, so if you're just passing through, you should stop. It was one of the reasons (besides the Big Texan Steak Ranch) that I wanted to visit Amarillo.
The Cadillacs are all covered in graffiti, which is enabled by the small on-site snack cart that sells drinks, candy and spray paint. You might want to see if someone is leaving who didn't use their entire can before you purchase your own. Also, make sure you're standing upwind from other artists when you begin your masterpiece.