dresser question

[warheart.livejournal.com]

yesterday i was walking home from the supermarket when i spotted a dresser on the street. my brother helped me carry it home and now it's sitting in my room.
the problem is... it's hideous. it's one of those pressboard, came in a box but you put it together yourself in 3 easy steps, office furniture looking dressers. it's brown (fake wood) with dark brown handles.
so.. of course, i want to change that. i just don't know how to go about it. i've done a project but the table that i repainted was made of real wood. i sanded it, primed it, and painted it, then decorated it some more. i don't know if it is even possible to sand a dresser that has a fake wood veneer, is it? and if not, how can i go about changing the ugly face of this piece of furniture? i have thought about:
spray paint
regular paint
decoupage (with nice paper from the stationery store.. but how could i seal it well enough?)
contact paper
anything!! which one of these would you recommend or warn me against? do you have a better suggestion? thanks so much and i will post results when i finish!
---- edit -----
here's a picture of the dresser "please help me not be ugly!"
wendy