The first step was to take off all of the old fabric and batting. This part was the most time consuming because it seemed like there were a million staples in that sucker. Next, I sanded down the legs and then stained them with Minwax stain in Dark Walnut from Home Depot. After two coats of stain (with drying in between), I added a layer of poly. Since the original padding was in pretty good shape, I opted to just add some batting over the old padding. Here are pictures of the chair before the batting.
I reupholstered the chair using Schooner Nautical print fabric I found at Big Y Yardage Outlet. For the back, I added some decorative nails from Jo-Ann's (Dritz Decorative Nails 7/16" in Antique Brass). For the arms and apron, I used cotton cording from Jo-Ann's to create some piping.
The chair now sits in our guest bedroom which has a nautical theme to it. It's amazing what some wood stain and new fabric can do for an old chair.