| Big Kill gave you a good answer. Refinishing a tub requires some skill and quite a bit of labor. However you asked how to refinish a tub and here's what i came up with.
How To Refinish Your Bathtub and Countertops:
A Brief Step-by-Step Refinishing Procedure
Is your bathtub, sink or countertop looking rather dingy these days? If you've been thinking that your only solution is to install a new one, then think again.
Replacing your old tub and sink can be quite a hassle, not to mention expensive. Purchasing a liner, though, is an easy way to to give your tub or sink a new look. The liner is usually custom fitted and then just placed directly on top of your old tub. When installed properly, these liners can last for 15 or even 20 years.
For an even cheaper solution, though, then you may want to consider refinishing the surface of the unattractive bathtub or cabinet. If you've done this type of work before, then you should have the job finished in just one afternoon. However, if your tub or sink has rust or is especially pitted, it is not recommended that you refinish it.
TOOLS
Here’s what you need to get started:
High-volume, low-pressure spray gun
Respirator or face mask
Palm sander and sandpaper
Masking tape
Paper
Epoxy paint or primer
EP-acrylic top coat
Chemical cleaners
Bonding agent for porcelain and tile
Getting Started
Your refinishing job will only be as good as your preparation beforehand. To make sure you get the best results, clean the entire surface that you plan to refinish with your chemical cleaners. Not only will this help to get rid of any surface grease, but it will also help the surface bond better with your bonding agent. Once you are done cleaning, be sure to rinse and thoroughly dry off all the surfaces you have just cleaned.
Sanding
The next step in the refinishing process is to start sanding. This will help to "rough up" the surface you are workng on and make it easier for any paint you are applying to bond to the surface. However, don't use just any sander for this job.
A palm sander is ideal for this type of work because, unlike other sanders, it vibrates thereby giving you a more even surface.
When you are done with your sanding, it's time to start painting. Of course, you'll want to cover any surfaces that you don't plan to paint. Simply cover these areas by taping paper over them.
Chemical Adhesive
If you are refinishing porcelain or tile, you'll want to apply a bonding agent to the surface first. You can use a cheesecloth or paper towel or even a spray bottle to apply the chemical adhesive. Give the bonding agent about 5 minutes to dry before you move on to the next step.
Painting
When you are refinishing your bathtub, sink, countertop or even your tiles, it is best to use EP-Acrylic, which a is an acrylic polymer coating. What makes this type of paint so ideal is the fact that it produces a strong and durable finsih. Additionally, it is available in a wide range of colors, making it easy to match to your current room decor. If you are refinishing your tub or tiles, then you'll want to use an acrylic polymer with a gloss finish. Look for satin finish acrylic polymers when you are doing your counters and cabinets.
Prepare your primer according to the directions on the package then pour it into the paint pot of your spray gun. Hook the paint pot up to the rest of your gun and start painting. It doesn't hurt to test out the spray gun first on a different surface to make sure everything is in working order.
To make sure you have an even coating, paint your surface in a back and forth motion. To avoid over-spraying an area (thereby causing the paint to run), release the trigger of the spray gun every time you reach the edge of your surface.
For the best results, you'll want to use two coats of primer followed by two to three coats of your acrylic topcoat. Wait at least 30 minutes between each application so the paint has enough time to dry. Give your refinishing project 24 to 48 hours to cure before you step in and enjoy your new tub (or sink or cabinet or countertop).
Hope this helps and if you need more information ask your question over at the plumbing page. Good luck, Tom | 
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