Any thoughts on Waterproof paint?

[Bruce Woodruff]

I'll be moving into a new house that has an outdoor patio, with misters. The current drywall ceiling has blistered paint. Rather than installing T&G (my first choice), I think I will just get it painted with some good water 'proof' paint for the time being. I'm thinking even rubber based. Does anyone have any experience with such a product. I know it exists for decks, but for use on drywall, I'm not so sure.....?