I can't help ya on room colors but ragging the wall....errrr, lots of work and it reminds me of home decoure from the early 90s (similar to sponge painting but more condensed). If I were you I'd head to Lowes or Home Depot where they sometimes offer free classes on painting techniques...
I recommend this because I tried to crackle paint a dresser and simply following the instructions was not enough...and I didn't get the finish I wanted.
So, with that said, go check out the free classes (I think they're in the mornings on like Saturdays) and find out for sure HOW to do what you want and maybe see if you really like it.
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