Paint your faux stone fireplace. Select a color of latex wall paint that suits your taste in either a glossy or matte finish. Clean the fireplace with warm, soapy water and allow it to dry. Protect surrounding areas before painting with a dropcloth and painter's tape. Use a hand-held paintbrush to apply the paint. Work from top to bottom and from left to right, using smooth, even strokes.
Whitewash your faux stone fireplace to give it an aged look. Apply a coat of white latex stain to the surface of the stone. Use either a roller or a hand-held brush to apply the stain and work from top to bottom and left to right. Apply the stain to one small section at a time, and while it is still wet, wipe it off with a clean cloth. Continue the process of applying stain and wiping it off until you achieve a look that you are satisfied with.
Cover the stone with a surround kit, which is available at home improvement stores. Select a surround that speaks to your style -- maple or cherry wood, for example -- and position it over the fireplace. Hang a new mantel on the fireplace to complete the transformation.