I painted my exhaust black with "grill" paint. The results can be seen here:

http://www.xoutpost.com/bmw-sav-foru...hitch-e70.html

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2004 Porsche 911 C4S X51, Seal Grey / Black
2006 Porsche Boxster S, Guards Red / Sand Beige
2008 BMW X5 4.8i, Black Sapphire / Saddle Brown
2001 Audi A4 1.8tq, Laser Red / Black, APR Stage 2, H&R Coilovers
2002 Suzuki GSX600 Katana, Yellow