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I think it can be. But you have to use water-based paints like acrylics.
Solvent-based spray paints may chemically interact and melt/dissolve the foam:
http://reviews.ebay.com/How-to-Paint-Styrofoam-or-builders-foam-craft-projects_W0QQugidZ10000000000069259
There are metallic colored acrylic paints, but I don't think you'll be able to get it that shiny. Maybe you could finish off with a coat of gloss medium or acrylic varnish.
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