Hey triple, I did it about a month ago. I went to a "Tarzan and Jane" fundraising party. I had 2 of my female friends paint me neck to ankle as a tiger. Took 3 hours.
Cool shit.
A couple of pointers:
Shave everything that will be painted! You may not think you have hair on certain parts of your body, but little baby hairs hurt like hell when they're pulled out.
Do it in a warm room. As a liquid evaporates, it cools down. The Latex uses ammonia to keep it liquid. As it evaporates and the latex dries, it really cools you down.
Experiment, experiment, experiment before you decide you want to paint yourself for the night. Try different methods of brushing it on and different finishing products. Or just come over to my house and I'll paint you.
I scanned a couple of pictures last night from the party. I'll email you one or 2 if you want to see.
Anybody have any questions about the stuff? I'll go ahead and act as the Liquid Latex Expert.