Thanks, for all your replies. Here's how I did it and some things/tips to look out for.
1. Started with a regular can of paint (bad idea) and a paint brush. Painted on 2 coats. The paint keep seeping into the liner, and looked terrible. Also it left brush marks and uneven texture. The paint caused the liner to become ruff.
2. After the failed attempt in #1 above I decided to mask off the whole emblem and SPRAY paint (good idea) it all white. This worked out great and provided a nice white background to paint the blue onto. It was hard to get the masking tape to stick to the liner so I had to be careful when spray painting it.
3. I used High Gloss Krylon spray paint for both the white and blue. The blue I hand painted with some paint brushes (the kind used to paint a picture) Sprayed the blue into a glass then painted it on, it went on real nice. The spray paint was a much thinner paint and works MUCH better than regular cans of paint.
4. It looks good standing next to the car and in the picture but if you stick your head up under the hood, some of the over spray and brush marks become noticeable. JonB has a good idea with using a brand new one to paint. I figured it would be something stupid like $500 for the liner being its a Viper part. I may re-do another one some time. Now that I did the first one, I bet the next time it will turn out much better.
5. Total cost about $20 took about 1 hour to get it masked off then 15 min to spray paint it (3 coats at 5 min per coat) then it took about 30-45 min per coat of blue (used 3 coats) then about an hour on the final touch up with the blue and white. This does not include the time for the original failed attempt with regular cans of paint.
It really livens up the engine compartment. Kind of resembles a Viper God looking down on the engine to bless it with lots of torque