For the boys:
I poured some black paint into a bowl and used a foam tipped brush to pat black paint onto the stencil.
First one looked good so I decided to continue. Thirty minutes later it looked like this:
It's kinda ugly at the moment, but no worries, nothing a little paint can't help. I painted mine white using basic white craft paint. I thought about painting a damask design on it with gray, but for now it is okay.
I got S-hooks from Lowes at the same time as I got the pegboard, it was 1.98 for 6 and I got two packs. Use pylers to wiggle and stretch them out to fit on the board, secure the board to the frame (I just used the frame clips it already had but you can use a staple gun). Hang it to the wall and TADA!