Hey PunkRockerLuke
I noticed you are from muscatine, I used to live in Nichols and went to high school in West Liberty for a year, just wondering how everyone survived the tornadoes.
On the topic at hand, a good quality auto spray paint such as duplicolor would be good for a guitar. As a million other posts on this forum suggest, there are all types of ways to apply it. You should search all of the other posts to see how to prepare your wood and how to apply the paint properly. You can have the best most expensive paint in the world, but if you don't prepare the wood right, the guitar will look horrible. I and many others on this forum know this from first hand experience. So, for a low tech, cheap (by cheap I mean you don't have to buy spray equipment, the paint will still cost you a few bucks a can) solution, go to an auto store such as Auto Zone or O'Reillys (I think Wal-Mart even sells it) and buy some quality lacquer paint. It works great for guitars and is probably the most forgiving. The only drawback it that it takes forever to cure.