Does anyone ever take someone else's poem and turn it into

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Does anyone ever take someone else's poem and turn it into something completely different?

Is doing this a good exercise for practicing poetry? It definitely seems like a good exercise of the person's poem is notably trite/cheesy/etc, because it encourages you to rewrite the poem in less conventional ways.

I guess it's worth noting that I'm not talking about inverting the meaning or replacing certain words with antonyms/synonyms. I'm talking about reinterpreting another person's poem/mind/thoughts/ideas in the context of your poem/mind/thoughts/ideas.

I also feel like it's a good idea to not do this to famous/established poets. A good source might be people posting under the #poetry or #poem hashtags on Twitter or Instagram.