I had come across some YouTube videos on Plasti Dip recently and gave it a go on Sunday (and it was perfect weather). I got my hands on some Plasti Dip and "dipped" the rear lettering using blue metalliser and black Plasti Dip.
This was the process I followed...
Clean the lettering. Once dry, tape and mask up the area leaving around a 1cm boarder around the lettering. The handle on the rear window doesn't leave much room under the VOLVO lettering, but there is enough room to tape up and leave a little gap.
I did one black coat of 50% coverage, then three full coats of black and two full coats of blue metalliser, with about 20-30 minutes between coats to dry. I used a constant spray from about 15-20cm away from left to right on each area, spraying a bit over the taped area to help with pealing the excess off in the end.
After spraying the last coast I removed the newspaper and left the dipped area to dry for about an hour.
After drying, I carefully peeled off the masking tape and Plasti Dip. It should peel off easily and break away from the lettering as you peel the excess off, leaving a clean finish. I used a pin to pick out the Plasti Dip from the 0 and O's.
I am pretty happy with the finish, but am interested in how long it will last and what it can withstand.