Finally tried this out for the first time a few months ago; I posted it on Facebook but it belongs here.
The paint is Mehron Paradise AQ; the colors are Lagoon Blue (stripes) and Sky Blue (background color). It's a water-based body paint; it's messy but it comes off easily in the shower.
I've found that layering it on more thickly makes the paint more resilient to being physically disturbed (it doesn't rub off easily), but this also uses far more paint. I've only painted part of my upper body and one arm so far, but the results are fairly intoxicating.
I'll see about updating this as I continue to develop how I want to look (garments, etc.), although progress will be slow.