In the movies, yes. Sylvester Stallone played him in the Rocky movies. He wrote the first screenplay after watching the Muhammad Ali-Chuck Wepner fight in 1975. Wepner was not a heavyweight champ.
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According to WikiPedia Rocky Balboa is a fictional character. According to a statement by Sylvester Stallone Rocky was born as a result of Stallone having seen the Ali-Wepner fight. See the Wikipedia article on Rocky Balboa.
He Was! Retired unbeaten with a 49-0 record, 43 wins by Ko. The man died in a plane wreckage years later.