Last year I bought a simple, single, pine bed from Ebay. I've painted it up and it's going to be Thom's bed when we move him out of a cot. I'm hoping that will happen by this weekend!
The bed was "white washed" hideously and I gave it a gentle sand and got a-painting. Thom and I went to Bunnings and chose the colours together :) The photo is of the bed head. Since taking the photo, I've painted the white section green. I did intend to paint it yellow but had a masking tape mishap and the easiest way to fix it was to carry the colour through to the back panel.
While we were in Berrima, I managed to pick up some inexpensive wooden letters. One set of them spells "TOYS" and I'll somehow attach them to the toybox that I intend on painting. The others spell "SLEEP" and I'm going to mount them on little square canvases (that I will first paint with craft paint) and hang them just above his bed head.