Slide a tube of caulk into a caulk gun and cut open the tip of the tube of caulk with a utility knife. Press the trigger on the caulk gun and squirt out a bead of caulk over all of the holes and cracks on the paneling. Allow the caulk to dry for one hour.
Sand over the areas that were covered with caulk with medium-grade sandpaper and wipe away any dirt and debris from the surface of the paneling with a clean rag.
Open a can of oil-based primer and pour it into a paint tray. Run a paint roller through the primer and spread out the primer over the surface of the paneling. Dip the roller back in the primer when necessary and continue until the surface of all the paneling is covered.
Fill in any gaps or grooves in the paneling with a paintbrush. Wait one hour for the primer to dry. Pour latex paint into a new paint tray and spread the paint on the paneling just like the primer was applied. Get between the cracks with a paintbrush and let the first coat dry for one hour.
Apply a second coat just like the first was applied .Fill in the gaps and cracks once again with a paintbrush and let the paint dry overnight.