craftgrrl | Repainting?

OK...
So I've gone the custom slip cover method (storebought covers make me twitch), and I'd like to try another approach rather than make another one.

I have the most comfy couch, which has served me well, and I would like to dye/paint/etc it. It is of questionable fiber content. Has anyone done this with a reasonable abount of success? Maybe acrylic - is there an uber flexible brand/ choice application method? I don't want to turn it into a stiff as a board couch. (and I know Trading spaces' Hildi had a terrible time with spraypaint) I'm willing to take some risks, but I still kinda like it, and would mostly like to not have to replace it.

Thanks for your help on this! (the funkier the better)