Fat cannot turn into muslce no more than your heart can turn into your liver, they are two different anatomical beings made up of two different types of tissues.
That being said, abdominal exercises are good for developing the abdominal muscles, but do nothing for burning the fat off of them no more than doing bicep curls burns fat off of your biceps, etc. The muscles are underneath the fat, so in order for the muscle to show well (6 pack), you must get the fat off from on top of them - diet and exercise.