Can I paint my Electric Guitar?

I have a a "toy" guitar basically...a squier...and I have been told if you want to paint or mod anything on it...do it on the one you have with the least value. sometime soon im getting an ibanez or a gibson..but i would find it neat to just change the paint on my squier strat just to make it look cooler. if anyone could give me some step by step stuff on how to custom paint my strat, i'd really appreciate it...im not to sure if i wanna paint it yet...but it sounds fun and interesting...thanks for any answers! :)