In this episode, Drake hopes to win a Torino Red Vintage Fender Standard Stratocaster signed by Devin Malone of his favorite band, Zero Gravity, but before this episode, in "Believe Me, Brother," Drake plays that exact Fender guitar when Josh films Drake's music video with Susan.
The "cherry red '64 Strat with a whammy bar" does not technically exist, much less appear at all. Fender did not use cherry red as an official color in 1964. The guitar shown in the music store and later purchased is a Squier, a low-price alternative, usually for beginners. The price given by the shop worker is $1,200, which would be unreasonably low for a 1964 Stratocaster.
When Josh buys the new guitar, he says he wants one exactly like the one Drake won; however, the store clerk mentions a "'64 Strat with whammy bar." The guitar Drake won had no whammy bar.