I would like to if it is all right to install hardy plank over exsiting siding -- I want to wrap it and then install the hardy plank would this be all right?

Find your siding and then read the instructions. If you don't get the answr jusrt call James Hardie. James Hardie: Product Instructions (http://www.jameshardie.com/homeowner/helpSupport_instructions.shtml)

That would kill your manufacturers warranty plus it would look horrible. Don't do it.