I do this all the time :-) I pick up old ladder-back chairs and repaint them a bold color to bring a "pop" of color to a room or for the patio.
I do the same with old trunks. Sometimes I apply decals around the edges to give it more life and personality. I add flowers or sometimes I glue on grogaine ribbon, raffia or kids decals like balloons and such. Theres just no end to what you can do with a little imagination.
I also get ideas from magazines or on line searches. I always receive great comments with my easy and inexpensive transformations.