You'll need, a car with wheels, wet and dry (fine stuff), wire wool, filler primer, grey primer, colour of choice, lacqure, masking tape, lots of coffee and biscuits, a stereo, plenty of time and patience, someone to help (makes life easier)
take the wheels off your car
http://i4.photobucket.com/albums/y128/DONK2000/100_7946.jpg
Remove the wheel and give it a really good clean so theres no sh*t on it at all.
http://i4.photobucket.com/albums/y128/DONK2000/100_7954.jpg
Dry off the wheel and rub it with wire wool to remove the top layer of paint/lacqure off, then rub it all over agin with wet and dry.
Get rid of the dust with a cloth and begin masking off the tyre
Making sure you cover all areas well, first give the wheeels treatment with yellow filler primer, then grey primer. Spray from 20cm away in light coats, building the layers up. See the two different layers
http://i4.photobucket.com/albums/y128/DONK2000/100_7967.jpg
Do this as many times as you can alowing about 10 mins in between coats.
Once dry apply the colour coats to your wheels in the same way, building up the layers bit by bit. Then do the same with the lacqure
http://i4.photobucket.com/albums/y128/DONK2000/100_7976.jpg
Remove the tape and admire
http://i4.photobucket.com/albums/y128/DONK2000/100_8000.jpg
Hope that helps mate