#1
Awhile back, I bought a cheap acoustic guitar off ebay for $.01. When I received it, the frets were painted over.

Could I just fix this by sanding it down?
#2
yes you can, if you use very fine grit sand paper (greater than 220 grit). you'll have to be careful to not scratch up the fingerboard though. another option is play with more bending than usual on all the frets. the strings will wear the paint off soon enough and you probably won't scratch the fingerboard.
Fender 5 String Jazz Bass
Fender Precision Bass
Peavey TNT 115
EHX Bass Big Muff Pi
Daneletro Cool Cat OD V2 (excellent pedal)
Paul Reed Smith SE Custom Semi-Hollow
Peavey Classic 30
Vox V845 Classic Wah Pedal
#3
Quote by Fuzzle
yes you can, if you use very fine grit sand paper (greater than 220 grit). you'll have to be careful to not scratch up the fingerboard though. another option is play with more bending than usual on all the frets. the strings will wear the paint off soon enough and you probably won't scratch the fingerboard.
lol.

better be WAY greater than 220 grit to finish or the frets will be unpleasantly rough.

Mask the fretboard to protect it, leaving only the frets exposed. As soon as you start seeing metal, go to finer sandpaper and progressively finer yet. use 0000 steel wool to finish. Then remove the masking tape.
Meadows
Quote by Jackal58
I release my inner liberal every morning when I take a shit.
Quote by SK8RDUDE411
I wont be like those jerks who dedicate their beliefs to logic and reaosn.