For my version... You need:
Letters (Stencil/Vinyl Letters)
I chose stickable vinyl letters that I found on the cheap. You can use something like that, a stencil, your Cricket cutter, etc. Up to you. You take your letters and place them on your canvas.
Then you paint over the entire canvas, letters and all.
We gave ours two coats to make sure it was covered.
Peel the letters off carefully and viola! Instant, quick and inexpensive art.