Most of the actual information is in the picture annotations.
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Step 1: Sand All the Paint Off.
If you don't want to sand it all off, you can just use a sheet of sandpaper and rough up the surface uniformly (I didn't because those little red stars were screened on, as opposed to painted).
Step 2: Detailing the Sanding (Plus CLEAN-UP)
Always clean up after yourself.
Step 3: Painting (Primer)!
Prep for painting by:
1- Clean the surface of whatever you are painting.
2- Set up in a well-ventilated area.
3- Hold your breath (or get a gas mask).
Step 4: Painting! (Color)!
Set up the same as the last step.
Step 5: Painting (Clear-coat)!
There's no pictures because I think you get the idea. Use the same process, but do as many coats as you can (until you run out of paint).
Step 6: Re-Gripping Our Board!
I ordered my griptape from amazon.com, but your local skate shop should carry it as well.
There are MANY tutorials on youtube.com on how to griptape a board, so I would suggest watching some before you do this.
Step 7: Carbon-Fiber Vinyl on the Trucks for an Awesome Effect.
You can get this carbon fiber wrap here: http://www.amazon.com/gp/product/B0059XCVVO/ref=oh_o04_s00_i00_details
There are MANY videos on how to wrap an object with vinyl, so I would (once again) suggest youtube.com as a resource to see how I did this.
Step 8: Cleaning and Lubricating Wheels/ Bearings.
Step 9: Put It All Back Together!
All done! Put everything together and ride your born-again board!