Jared,
If getting a base level of experience using the "hairspray" technique to produce chipping is your objective, I would sugest the folowing steps.
1. Base colors with an acrylic or synthetic lacquer ( I use Vallejo Model Air for the wide color range and these are very forgiving and easy to use straight from the bottle).
2. Apply a coat of Lacquer based satin finish. In an effort to keep it simple, this can be done straight from a rattle can. Testers Spray cans will do the job.
3 Apply a liberal coat of hairspray. Aerosol will work or you can decant from a pump bottle and spray through your airbrush for more accuracy.
4. Apply the color that you would like to chip away.
5. Use a stiff brush and warm tap water to remove or chip away your top layer of color.
Jared, this is the simplest and most basic way to get a chipping effect using hairspray. Like Rob eluded to, this takes practice. Rob's advice to use a scrap model or the bottom of your model and experiment is the best. You will find that with a few practice runs you will have it down to a science. Once you are comfortable with these steps, you can start to play with the timing, thicknes of paint, and rubbing alcohol to achieve different effects. One scrap model and a few hours of practice time and you will be well on your way friend.