I've tried two methods.
First was the one Shaun mentioned with vinyl. It works good, but if you ever have the tires pulled off the rim or repaired by a shop, the machine is gonna rip the vinyl off and you'll have to redo it.
The second was I actually brushed it on similar to pinstripper would do. That seemed to work as well. But its alittle more permanent...
Red vinyl
Pinstripped with paint(brushed on with caliper paint)
