I found this project on the blog A Beautiful Mess and had to try it.
I found this painting (minus the words) at the Good Will for $10. I found the vinyl letters at the Home Depot for about $3.50. But the problem was that the sentence I wanted on my painting had a lot of letters, specifically a lot of "L's". The package I bought only had 2 or 3 "L's". So instead of buying enough packages to fill my letter quota, I found some vinyl cling stickers at the dollar store, traced the letters onto the stickers, and cut them out with a box cutter. (I'm cheap!) You can also use contact paper, but they were out at the dollar store, and I didn't want to drive to another store to hunt some down.
After I placed the letters where I wanted them, I spray painted the entire canvas. Once the paint was dry (about 45 minutes), I peeled the letters off.
Total cost of the project - $15 (canvas, vinyl letters, and vinyl wall cling used to cut up. I didn't buy spray paint. Instead I used some that I had leftover from a previous project)
Total time working on the project - about 2 hours (excluding drying time. It would have only been about 30 minutes if we didn't have to trace and cut out all the extra letters).
This was a fun project. You should do it!