Here is a pic of the top with a better view of the type of wood

I also got this little shelf and would love a suggestion for a cute fun paint color for it !!! The only other color in the room is a yellow and white bedspread. Thank you guys!

I love the shelves! I'd strip them instead of sanding with all that detail on the front sides. Cute little curio cabinet. Are you thinking a bright color like teal?

Ok, I was using paint stripper but had some trouble getting it off the front parts but will try again. I was thinking of a using a bright or pastel color on the curio cabinet but am not sure I like teal

A light yellow, since you are already using it.

For the book case, you can do a Miss Mustard Seed thing and wax the top while painting the bottom. She has a blog if you'd like to check out her examples of painted furniture.

I don't know if you can do this or if it's in your budget, but you can hang linen-like curtains around your room to hide the paneling. You can use sheets from Wal-Mart if curtain panels are too pricey.
I really like the idea of using mirrors behind the panels, too. Kind of like this photo. Just keep them off the floor for easy vacuuming.

I did already buy a sample of a light yellow that I was going to check out. I do really like some of the furniture on miss mustard seeds blog (some of it is a little too distressed) and I like how the pieces with wooden tops and painted bottom came out, so thanks for the link! I also love the look of the curtains around the room with mirrors, and think it is a great idea. I just wonder how long we will be in the apartment, but I am sure I could put them to use in the future over windows or other ugly walls. So I will check out the prices on that project this weekend

Look at painter's drop cloths, too, for the curtains. Might be even cheaper and the linen/muslin color could be just right.

Here is a link that might be useful: no sew curtains

I think the bookcase would look look gorgeous in a soft pastel aqua which goes so well with yellow and white but leave the top wood and just wax it. For the cabinet I'd do the inside the same soft aqua and paint the rest of it some form of white to compliment the white on the bed. With a few wall items and maybe drapes you'll have a charming room.

I'm with YaYa. Aqua looks lovely with yellow.

Thanks for all the advice! I think you guys might just be convincing me on the teal/aqua. Here is a picture of the room so you know what I'm dealing with. I would like to refinish all the furniture eventually but it is quite a bit of work!

I picked up intense teal from sherwin williams and hated it! Luckily thy were able to change it to be more like peacock ble and it's coming out very nice so far

Kick the stripper up a notch. After you have covered with stripper, overlay with seran wrap. This increases the strippers reaction and keeps any from drying out.