Painting my car myself, can it be done?

[Toyotafanatic]

Ok, so Im thinking about getting this built MkIII but its the color I really cant stand, burgandy, would it be realistic since I have a compressor, to go buy some spary guns for the compressor and some paint for the car and paint it myself, Im pretty experinced in painting but have never taken it to this extreme, what I want to know also is how good will it look, and what kind of paint I need, base coat, gloss etc, and the type of paint I should use, and how much does this paint run for, oh if youre curious and what color the car is going to be, Im just going to go with a simple black. If you could guide me in the right direction that be great cause I dont want to go blow a ton of money on a pro paint job.