I do it all the time. Make sure you get the paper for ink-jet printers. They make a different paper for laser jet printers. They are not interchangeable either. It is really simple. All you do is design what you want and print it onto the paper. Next coat the paper with an acrylic spray sealer, I use Krylon Krystal Clear. Let dry and cut them out and apply like any other water slide decal. I have found out that if you are planning on putting a light decal over a dark paint color, you may have to print it on white decal paper with the surrounding area the same as the paint color. This gives you enough opaqueness so the decal does not disappear against the dark background. Also, if you have white on your design, it will not print on your decala since standard printers don't print white (the paper is already white, no need to). To get white on your decal, you have to use white decal paper as well.
Give it a try, it works out great. Gives you all sorts of new options for decals too. Hope you like it, I love it. Good luck.