I found this great, sturdy little stool at a thrift store and couldn't pass it up. The finish is a little blah and the fabric was pretty awful but I could see it's simple potential.
First- I removed the legs (just screwed into the bottom) and wrapped burlap right over the existing fabric. Just pulled it tight all the way around and stapled it along the bottom as I went. Just make sure the burlap is smooth as you go but don't worry about the bottom being pretty. I folded another strip of burlap and stapled underneath to give the edge a clean look.
Once everything was secure I simply trimmed the extra fabric.
Next step was painting the legs. I used push pins to hold the legs onto a piece of cardboard and sprayed away. I used a flat black paint from Krylon and highly recommend using a spray paint gun to make it much easier and cleaner for your fingers. (don't worry, I did this before I was pregnant)
The last steps were just to re-attach the legs and add nail head trim to finish off the look. You can find the nail heads in a variety of sizes and colors at your local hardware store. These were in the nail section at Home Depot.