Rolex

Hello all,

This subject has been bugging me for a while so I thought I would serve it up to the experts. I recently enrolled in a GMAT course to prepare for graduate school and noticed a classmate with what looked like a Rolex GMT "Pepsi" dial. As I looked closer I noticed it was in fact a Submariner with a red and blue bezel. After class one night I asked him if it was a Submariner and if he had changed the bezel to the current. He said he had not changed the bezel leading me to believe he bought it like that. I didn't have the heart to say what I was thinking or ask of course so I  now ask you; would/could someone really change a Submariner to a "pepsi" bezel or is this a frankenwatch?

Thanks,

RC