Check this out.
[VIDEO]http://www.youtube.com/watch?v=jayyTUy3GTw]PlastiDip M3 Matte White - DipYourCar.com Pro Car Kit - YouTube[/VIDEO]
[VIDEO]http://www.youtube.com/watch?v=OlyB3FbYRRs]PlastiDip Rims - Without Taking Wheels off the Car - DipYourCar.com How To - YouTube[/VIDEO]
Apparently it sets up well enough to power wash once it hardens. Not sure I'd do a fucking M3 or Cadillac with it, but for a DIY paintjob for a project car at home? Why not?