spray carbon welding?

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I was looking at a 1966 nova on friday and it had quite a bit of rust around the back window and over the trunk.  I told the seller, thats gonna be a lot of work to cut that out and weld back in.  He told me about a can of carbon metal that can be sprayed with some sort of torch over the area after it is sand/media blasted then resurfaced.  He acted like it would be like 100 dollars to do the entire area.  Looked to me like if you cut it all out it would be more like 30+ hours or so.  Anyone know of this? how its done and what it costs?  How well it works?  I am not buying the car as it didnt have a title but i am intrigued once again by a new welding process that i have heard about.  Thanks
Reply:i dont know about fixing rust spot's  but yes there is a special torch you can get to spray metal on to red hot steel but i only used it to build up a bearing surfs on a shaft chuck