Paint the walls first. If you are going to paint the walls a different color, it will need to be done first. Apply at least one coat of paint and allow it plenty of time to dry -- six to eight hours is typically enough for latex paint.
Tape off the area for the crown molding. You will need two sections of painter's tape for this project -- one for the top line of the faux molding and one for the bottom line of the faux molding. The top line should actually be the ceiling, so apply the tape along the ceiling, into the seam between the wall and the ceiling. Measure off how large you want your molding to be. Two to four inches is standard. Use your measuring stick to help you keep a straight line and apply the second line of tape on the wall.
Paint in the faux molding. If you used a dark color on the walls, you may need to prime this area first for a true application of color. Allow this primer time to dry. Paint in the molding in the desired color. Let this coat dry for four to six hours. If necessary, apply a second coat.
Create faux edges. If you are feeling enterprising, you can create faux cornishes for the corners of the room. Get a stencil and tape it up in the corner. Use a color a few shades darker than what you painted the molding and paint over the stencil. Remove it carefully.
Remove the painter's tape. Gently remove the painter's tape from the wall and the ceiling. Go slowly -- you don't want to pull off the paint as you go. If necessary, apply touch-up paint where it's needed.