If you have some distress inks, any of Tim's stencils and some paper towels you are all set. The magic is in the Distress Inks and using the paper towels with the stencils to print your background. I had fun playing with my stencils, made several backgrounds and plan on playing some more. Really guys, quick and simple. Tim shows you step by step how to make a gorgeous watercolor background here. Tim even shows you how to make the Paula bow, also quick and simple. His tutorials are great with step by step photos, so no need in me repeating them, but if you have any questions about my tag leave a comment and I'll get back to you.
The watercolor stencil technique is also in his amazing book Compendium of Curiosities 3.
I hope you decide to check out Tim's blog and try this technique, if you do let me know, I'd love to see what you do.