Can you just buy any paint and start painting your squier strat. I need to know what type of paint to use and if there is anything else i need to know.

Dulux matt emulsion, six inch brush and away you go, pastel shades are in
or you could go to these guy's , your choice
http://www.paintyourownguitar.com/
also a few guy's on here will be more than happy to help out, give them an idea of what you intend

You need to sand it down (to the bare wood if possible) or use paint remover before doing a primer regardless of what paint you use. Then you can begin to build very thin coats of spray paint until you get the look you want. Follow the instructions on the can use a mask and do it outside.