As far as reconditioning the outside, it depends on what look you're going for. There are a ton of products for painting metal, especially from Rustoleum. Here's just a little info on painting metal:
1. Depending on the current condition of the fridge, you may need to do some sanding/grinding to get areas of heavy rust down a bit. After that, you should probably use a rusty metal primer, which will prevent the rust spots from coming through the paint. If you don't have issues with rust and the surface is in pretty decent shape, just use your topcoat paint without a primer.
2. If you're looking to keep it white, I would suggest an appliance paint. It's made by Rustoleum and it's probably the best choice for adhering to smooth finishes (typical for refrigerators, stoves an other appliances).
3. You could use a chalkboard paint on the top (or the whole thing) so you can write what's on tap. I believe a quart runs about $10 and it's also made by Rustoleum. They even sell tintable chalkboard paint.
If you just go to Lowe's or Home Depot you'll find a lot of different options. Just choose what works for you.