Last fall I was driving home and just "happened" by this garage sale in my neighborhood. These people had just moved to Colorado from North Carolina, and felt like unloading a few of their porch rocking chairs. I got two of them, at $5 a piece. Score!
Of course, one of the main reasons they didn't want the rockers was because the woman's husband, in a fit of romanticism, decided that he wanted a blue rocking chair, a la Kenny Chesney's "Old Blue Chair." Out came the spray paint, but it didn't go so well. A few weeks later, the (kind-of blue) chairs became mine. I just took a sander to them, followed by some stain and sealer. Below, you can see what a difference it made!
I used Cabot's Australian Timber Oil in Jarrah Brown (found at Lowe's). It's specifically designed for decks and outdoor furniture, and it is great for color and also for sealing the wood so that it's somewhat impervious to rain. We used it last year on our Adirondack chairs and, though they needed a little freshening up at the beginning of this season, it was totally worth the money.