This has been done before and there even are a few entries already for the Light Up Your Ride Cordarounds contest that work on this idea so definitely check out Wrap Your Bike in Reflective Cloth by stupidplus and walkermount's Reflective Super Commuter.
Step 1: Tools and materials
Various tools to remove bike components (optional)
Utility knife or similar bladed instrument
Flexible tape measure or piece of ribbon
Paper towels or rags
Obviously it would be difficult to rely on someone giving you guardrail end treatment stickers to do this project. I like the idea of using something from the trash that will make the bike much more visible day and night. Incidentally I also salvaged the bike from the garbage.
Step 2: Prep the frame
Clean the fame well so the stickers will stay on. I initially cleaned the frame with WD-40 then I used a window cleaner solution to remove any oil and make sure the stickers adhered well. I used a citrus based sticker residue remover to clean off the stickers from the forks and the chainstay protector.