It is very easy to install beadboard paneling, and it is fairly cost effective at roughly one dollar per square foot.
1 - Peel any loose paint off walls.
2 - If the walls are dusty, wife them down with a gallon of water mixed with a tablespoon of wood glue.
3 - Cut paneling to size, using almost any kind of saw.
4 - Apply constuction adhesive to the back of the beadboard.
5 - Press it onto the wall and slide the tongue and groove together.
6 - If the board is warped, press it into place and tack with a small nail, while the adhesive dries.
7 - Coat with polyurethene for wood look or prime and paint for color.