Process is pretty simple, yet hard to explain.
First i'd like to mention, that i am in cabinetry business and everything was done in a spray booth with spray gun (almost everything)..

In terms of materials, i used 3 colors (white, "red", brown) of industrial pigmented stain (water based) , and self sealing lacquer (acetone based).
1. take the original parts, sand it first with 200-250 s.paper to get rid of all dents and stamp marks. Once that is done, take the 400 s.paper and smooth it out real nice, i used an orbital sander, so that didn't take too long.
2. For the first coat i mixed lacquer with white stain, this way i lightened up the surface a bit. Remember this stain wont stick to plastic too well, but lacquer will, so make sure you have a coat of lacquer first, before start applying stain. Once this is done, i put another light coat of lacquer and let it dry..
3. At this point the parts should be much lighter, almost pinkish color. Now mix the stain to get what ever color you desire for your base (red-orange) and evenly apply on to the parts. Let it dry 10-15 minutes and spray a coat of lacquer on top. Let it dry and spray another coat of stain, then lacquer again. Let it dry.. and there you have it
the base coloring is done.
4. Now the wood grain... hardest to explain. I used a dark brown stain to create the grain look. Now you might think of other way to do it, but this is how i did it. I put on the latex gloves and started applying the dark stain with my fingers. Cover it nicely, at this point it doesnt have to look pretty, remember you have about 5-7 minutes, before the stain starts to dry. Once fully covered let it soak in for a minute , and start wiping it off with your fingers, remember this is the hardest part cause you have to kinda leave the wood grain design by the time you done wiping the dark stain off, so this would be a good time to get creative with your fingers

smudge move works the best.. once the grain is done apply few more coats of lacquer. !! let it dry and you are done..
Good luck.. Make sure to post pics of your job here..
Here is some more pics of mine..