Place drop cloths up against the baseboards at the base of the paneled wall to protect the flooring. Mask off the baseboard, molding and window trim with painter’s tape.
Apply an even coat of oil-based primer to the paneled wall with a roller brush, and then cut in around the baseboard, molding and window trim with a paintbrush. Let the primed wall dry for 24 hours.
Coat the primed paneled wall with a thin coat of latex paint, using the roller brush and paintbrush as previously. Paint the wood-paneled wall a neutral color, such as beige, gray, taupe, ivory or pale lavender. Let the coat of paint dry for 24 hours, then apply a second coat and let that dry.
Hang a collection of related objects, such as contemporary artwork, black-and-white photographs or abstract wall hangings, in a cluster on the neutral wall. Keep the designs simple and clean, yet colorful and interesting. Do not overcrowd the wall with clutter.