Yes, there is an online Cheetos Museum and it is sending out a call for entries.
Ten weekly winners will be awarded a $10,000 prize and have their masterpieces immortalized in the online Cheetos Museum and in a real-life exhibit later this summer. The voting will then be turned over to America to determine the grand prize winning shape from the four weekly winners with the highest scores. The found cheeto artist whose submission has the most votes will be unveiled as the pièce de résistance of the Cheetos Museum exhibit and be awarded an additional $50,000 as the grand prizewinner. (Contest rules can be found here.)
Wipe that paint off your hands and start working on some orange fingers for a chance at $60,000!