Added Aug 13, 2013
Cut a 4x8 white pegboard to 4x6. Used two cans of spray paint to cover pegboard several times. Used 1x2s to make a frame behind pegboard and also mounted two middle pieces to give added support. Purchased mounting hardware from IKEA, (Bygel rails, containers, and wire baskets). Other hooks and supplies from hardware store.
When I painted, I did not roughen or prime the pegboard surface. The paint scratches off easily but since I started with a white pegboard and I only painted it a light lavender it does not show much. If you chose a darker color, you would need to roughen, prime, and paint. Perhaps painting with a brush would make the paint more durable.
More on my blog at http://sewnotwork.wordpress.com/2013/07/29/best-birthday-present-ever/