My new big ugly metal cabinet

So Bobby brought this home the other day from his brothers house. He's moving, and he was just going to leave this with the house. Bobby decided he wanted it to store his tools in and put it inside the shed. Well... I thought... this would be great to store all of my fabric in, since I just have it laying around in baskets cluttering up my craft room. Problem is, it's horribly ugly and slightly rusty in a few spots. I want to paint it. Bobby suggested spray paint, but I can't do that in the house and I certainly don't want to carry the thing back outside. It's really heavy, and was not much fun lugging the thing inside! The good thing is that it's metal so I can put some really cute magnets on it. I'm thinking maybe some chalkboard paint for the outside and some stenciling, but I'm just not sure yet. I'll probably get contact paper to line the shelves, but I want to get this done quickly and cheaply. I've spent so much money on polymer clay stuff here lately I just can't justify spending much more money on another project! So... if you have any ideas... please, please, please let me know. I need help...