It took place in a small southern town. Sheriff frames a young man and has him sent to prison... tells him never to come back to his town when he gets out. Young man gets out and comes back to prove the sheriff framed him. When he gets back his friend says "I knew you'd be back, I kept her ready for you" they go to an old barn and under a sheet there's a beautiful black souped up 55 chevy. Friend gives him the keys and he lays down a nice strip of rubber.

The Night the Lights Went Out in Georgia (1981) (http://www.imdb.com/title/tt0082816/)is it

Sorry that's not it. No singing or "McNichol" in my movie. Lead actor was a "Nick Nolte" type. I originally thoght it was him but I could not find the movie in his filmography. His friend was a short timid type, wore white coveralls.