The Frecce Tricolori is a trainer jet used by the Italian Air Force demonstration team, essentially the Italian version of the Blue Angels. Check out this master-built scale model and flight demo, complete with airshow smoke!
Smoke On! Master built Frecce Tricolore
Incorrect in one respect: The Frecce Tricolore is the NAME of the Italian Air Force demonstration team; the trainer jet they use is the Aermacchi MB-339. I was there at Ramstein Air Base when they had that spectacular mid-air at Flugtag 88, the last time Germany allowed flying demonstrations at air shows.