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 Here is a regular old picnic cooler I have (non-soda).  I just stuck the double cola sign on it just to see what something would look like on it.  I have since got coke vinyl made for it.  Couple of questions for you...

In your opinion.....

1) What do you recommend to strip the paint off of it - it is scratched up and I want to bring it down to the metal in order to prime and paint.

2) It'll be nothing super fancy - it will be used during parties and such, so what is the best matching Coke Red I can buy in a spray can at the local home improvement or wally-world.

Thanks for the help!!

Sand blast it lightly or jus scuff it up real good with some sand paper and smooth it out.. or use some chemical stripper.  If your going to do any body work to it then I'd bring it down to bare metal, but it sounds like you want a simpley cost effect restore.
as far as coke red, Funtronics sells The correct coke red in spray cans.. so I'd go for that as you won't quite find it at the store.

If you don't fancy sand balsting you can buy a fly wheel for attachment to your drill from wallmart for about $8. That will take it to metal. You can then can spray a filler primer to even it up a bit and then pick a red from a auto parts store to get the colour you need.

Funtronics has the right stuff, http://www.fun-tronicsllc.com/index.php?crn=258&rn=635&action=show_detail

But if your trying to save money and you spray paint things like I do...  I tend to go a little heavier with paint and sand out if there is a hair or whatever and touch up the imperfections.  Im a little OCD, thus I have gone thru 3 cans just doing a old 1950's tool box that was my Great grandpa's.  Still not quite done.  But Rustoleum makes some nice Red colors that a made for metal use, and at 5 bucks a can you can get a few verse the money for one of the real stuff.  I thnk it says primer and paint in one but I would go ahead and primer and light sand it before paint application.  If you don't have a sand blaster or a buddy with one go with the fly wheel idea or some good old fashion sandpaper and a block.  Just make sure you take that fine grit back over everything and layer the paint and don't get into to big of a hurry...  Oh and good ventalation.  I liked it with the old sticker on there had a nice look, but get a good red paint and Coca Cola logo on there and it will pop.  Im a Sooner fan so everything looks better in shades of red and white...     

Thanks for all the great ideas guys - once I get through marching band season with my son and get my daughter married off this weekend maybe I will then have time for myself to get at this project. 

I was a Sooner fan for a while too...Lived in Yukon for a short time.

I appreciate all the help with this!  Thanks again!

Time??? Ya I am with you, I have a friend who comes over and sees all my things I have to work on like coke machines to dirt bikes etc... , and says "man you have lot of hobbies, I wish I had some more stuff to do like this"...  I about offered to sell him a machine...  Instead told him there not hobbies there projects and untill you actually get to work on it, there just what you'd rather be doing...  I am working on a old tool box right now and I get up and spray paint it in the morning because its too dark after I get home at 7:30pm.  Congrats on the daughter gettin married.  Yukon huh? I will tell Garth you said hi...  I live in Norman and work in Chickasha...  Good luck with it.   

I use aircraft paint remover, it's a little expensive but works great.  Another thing is to use a soda blaster, it won't warp the metal like a sand blaster will.