This is a sign I made for in my old car. I etched the image about an eighth inch deep into a piece of maple. I then painted the whole sign with red spray paint. Once I had enough paint in the engraving I let it dry and sanded the whole sign. It's a very simple technique and looks super cool. Sorry about the bad photo the lighting isn't very good in the shop.
The key to doing this was to make sure the engraving was deep enough so when I sanded I didn't sand away any of the image.