Rough up the surface of the plywood. This will help your paint adhere properly. Use a block hand sander with a medium grade sandpaper and go over the surface lightly.
Paint the base coat first. This is particularly important if the plywood is raw. You want a good, solid undercoat before applying the texture. Use a paintbrush and work with the grain of the plywood. Apply only a thin coat and take care of any drips as they occur. Let this dry for a few hours.
Apply the textured coat. Using a textured paint roller, roll on a second coat of paint. You can do this in the same color as the base coat, or you can choose a complementary or contrasting color for a different effect.
Rag rub paint onto the plywood. If you prefer the look of rag rubbed texture, you can apply the second coat using a rag. Load up some paint on a bunched up rag and wipe it onto the cabinet using a random pattern. You can decide how much or how little you want to apply. Let the textured coat dry.
Apply a paint glaze. For a more interesting look, apply a faux finishing glaze to the cabinet. This will highlight your texture. Use a clear or semi-opaque glaze over the area.