It comes in both a can (for dipping and brushing on) and in spray form. I've only used the can (14.5 oz).
The directions on the can provide the instructions. I use a minimum of three dips (the knives in my pic have three dips each). It goes on thick but dries thin.
Leftover Plasti Dip should be stored in a new, clean, airtight glass jar as close as possible to the amount of dip you have left. The can Plasti Dip comes in is not airtight and you will soon end up with a solid can of rubber when the solvent evaporates, which can happen very quickly. I buy some jars at Hobby Lobby, but more recently I found 16 oz jars in the arts & crafts section of Walmart which is a good size, and half the price of Hobby Lobby.
I've been using Plasti Dip for several years and have found it to be surprisingly durable. After awhile it will start peeling at the edges, but it's easy enough to cut with a razor, peel off, and re-dip.
Before I started using Plasti Dip I would wrap some knife handles with strips of bicycle inner tube (example below). But I like the Plasti Dip a lot more.
