I recently bought two of these chairs at the local flea market for $10 apiece:
While the bones were good, they needed a bit of TLC. So, I took the seats off, removed a few thousand staples that held on the three layers of upholstery and sanded the heck out of them.
I bought three yards of remnant fabric for $5.99 (I used about 1 yard for this project and I'll use the rest for pillows in my sewing room) and covered the seats in batting and fabric. I painted the wood Martha Stewart's Persimmon Red and then wiped on two coats of Wipe-On Poly and voila!
I love how they turned out. They're going to reside in my sewing room, which I'm going to paint Martha Stewart's Ballet Slipper Pink. It's going to be a girly smackdown.