I only have experience making cinnamon toast crunch (rice flour based) and corn flakes (you'll never guess what kind of flour this uses), but I'd imagine you can make fruit loops at home as well.
EDIT: Interesting idea, puffed rice is basically how what rice krispies are, and a lot of cereals have a similar texture. Maybe it's possible to essentially make a kind of rice paste by overcooking rice and using way too much water while cooking it, flavor it however you like, shape it however you like, dry it out thoroughly, and then deep fry it to puff it. I haven't tried it, so no idea how well it will work.
Correct.