It is really tough to do WELL. I've seen a few authors do it - Peter David did it in Howling Mad - sometimes he followed the wolfwere in first person, sometimes the love interest, sometimes the guy interviewing them - and then he'd step back and have a third person chapter or two (with a break for commentary at times).
Heck, I sort of did it in The Kaiju System with a prologue in first person (still haven't decided if that is the System talking or the Dream Spider, or someone else entirely, over a year later), and the rest in third.
But I also remember a novel I got in an Amazon Sampler for the Kindle where there were story chapters told in first person by an unseen narrator who knows more than anyone else, and then third person chapters which dealt with the, IIRC, two sisters (and alleged witches) investigating a missing persons case... The writing of the third person sections was so bad, and the writing of the first person ones so much better, it literally felt schizophrenic and was very tough to keep going (also was just the first, IIRC, eight chapters and definitely not worth shelling out any money on the rest).
Heck, I've only seen excerpts from it (well, and the movie), but I believe The Princess Bride did this - with the parts where the grandfather is reading the story in first person, but the actual story in third.