While we did have a list with guidelines, the best results featured my own experiementation.
My first result:

The steps involved included selecting the image with the magic brush so I only have the image I wanted, then selecting a colour (pink) to add the spray over the top. Using the spray brush on a high diameter I placed it in the areas I wanted. Placed 'Noise' over the top to create a distorted effect, then repeated for the background by selecting the inverse. This effect looks like the spray paint has leaked out the the stencil.
My next attempt proved much more successful as I chose an image that featured the cut out white selections. I changed the interior colour from black to an off sea blue, then repeated the spraying step, however decreasing the oppacity and increasing the size of the brush. I used white over the top, yet with its decreases oppacity it looked like a duller blue. This step was repeated for the outside.
Next I went to www.brusheezy.com which gave me such a wide variety of brushes to download. i settled for a paint dripping one. I actually downloaded many rather than just one, so I used an assortment of these to create the dripping effect.
Using the rectangular selection tool I created the borders of the stencil, by using the spray brush over the inverse.

I am really happy with the result.