Yes you can paint your paneling. It will take some work to get it ready for paint.
If the paneling is smooth, not rough cut, it will need some sanding to roughen up the surface. 150 grit sandpaper should do the trick.
For rough cut wood you can use a liquid sander to dull the surface sheen.
Now prime the paneling with an oil base primer. Zinnser Cover Stain is a good fast drying oil base primer.
Now you can paint.