The black and white "panda" pain scheme was made popular by the famous Toyota Corolla GT-S (aka "Sprinter", "Trueno", "Levin", "Hachi-Roku", "AE86", etc.). Here's a pic of a sweet Levin:

Though I'm sure the JDM purists out there would scoff at my definition, here's the best I can describe panda paint--For the most part, a white car (so photoshop wise, it's pobably easiest to start with a car that's already white), with a big black stripe bumper to bumper on the bottom, a thinner black stribe slightly above, and of course, black wheels arches.
Here's a couple of quick chops I did of a mkII and mkIII Supra:


So grab a pic of your favorite car (or any car you like) open up photoshop and give it a "panda" paint scheme!
Email your submissions here! Have fun!