I resprayed my frame last year. It is a 90's steel frame, which was quite chipped and battered, I am not sure of its origin, as I got it probably fifth hand when I was at Uni, and was covered in all sorts of stickers and stuff.
As pointed out by others, you will spend a fair bit of money on materials. I used the Spray.Bike cans from amazon, primer, matt black and lacquer, and you will also need wet and dry sand paper, as well as some kind of solvent for cleaning, I used nail varnish remover. There are a lot of videos on youtube showing how to do it.
Since there was a lot of crud I spent a lot of time cleaning up, probably a good 8 hours spread over a couple of days. I cleaned to the metal everywhere there was rusting or the paint was loose, but left the old paint on where it was sound. The Spray.Bike primer base is also a filler, so I used that to fill where I had taken out the paint, and then sand all to level, giving the paint I had left a good key, so that the new paint would bind. Spraying the filler base was a bit hit and miss in terms of coverage, but spraying the paint was quite easy, just don't lay it thick, do lots of thin layers instead, and if you get runs, either smooth them before they dry or sand lightly to smooth out. To do the painting I hung the frame from one of the cable stops using a cable tie, on to my bike stand, so that I could walk around spraying. Once the paint was on, then spray the lacquer. The lacquer was more difficult than the paint, and got a few runs. Also, give it a good few days for the lacquer to harden before you assemble everything again. The end result was reasonable for a first try, and much better than before, but it doesn't look professional by any means, and already have couple of scratches in the paint, which luckily haven't reached the metal.
It was lot of work, and it was fun to do it once, but I probably wouldn't do it again.