No, the inspirational -- and laughably unrealistic -- part of the story was that this Philadelphia doofus and part-time boxer somehow got a shot at the flamboyant world champ, knocked him down, then went toe-to-toe for the duration of the fight, taking the best the champ could dish out. At the end, Rocky's face is a swollen, bloody mess, but he hangs tough and for one night proved he could hang with the best.
The real guy's name was Chuck Wepner. In 1975 he was a liquor salesman in New Jersey by day, boxer by night. And he got the same deal as Rocky. A lottery ticket of a fight that, if he won, would make him the champion of the world. It was considered such a big deal at the time that Wepner made the cover of Sports Illustrated, despite the fact that he looked like this:
"Take some of the light off his face? Or maybe throw a bag over it?"
Remember how by the end of his climactic fights, Rocky's face always looked like an animal you've never seen before had been run over by a truck? And the unrealistic amounts of blood leaping off of Rocky's face in slow motion every time he got punched? Wepner's boxing nickname was "The Bayonne Bleeder" because his face would spurt blood pretty much the moment a boxing glove touched it (Wepner had more than 300 stitches in his face -- he was apparently not the most elusive boxer of his era).