this is extremely advanced stuff, if u have little or no experience with putty/models/bodykit molding....
basically what you're looking to do is buy some putty, preferably some good soft stuff that will not dry too fast, and just... well, sand the area ur gonna do (i dont think the paint needs to be stripped, but roughened up, maybe even all the way through to the plastic), and well, mold it roughly with your hands and whatever tools you need, let it dry, then sand/cut/dremel it to the shape you want. then paint. i suggest simply repainting the whole car, giving it a much smoother and fluid look... to do this, you may want to strip the paint completely, mask, spray on primer, then spray on a few coats of paint, then a clearcoat. (making sure that everything is the same brand, cuz we dun want to krinkling paint!)
im soo not good at this, and i havent tried it with my own putty yet (too damn scared)... but good luck!!
*i use tamiya 2 part epoxy... you can get it at most LHS, as well as any import hobby shops....*
hope that helps