Some paints are poisonous.
For much of human history, poisonous minerals, such as cadmium, mercury, and lead, have been used as pigments and additives in household and decorative paints. This has left paint with the potential for harm if ingested, especially if the ingesting party is a child or pregnant woman, as substances like lead can cause developmental problems. If you live in a house built before 1978, when lead paint was outlawed, it is quite likely that there is lead paint somewhere in your house. As long as the paint isn't falling off the wall, it isn't terribly dangerous, but it may become so in the future. It wouldn't be a bad idea to get rid of it.
If you don't have the equipment, or if you don't feel comfortable working with this level of risk, there are people who do this sort of thing professionally. Look in the Yellow Pages for "asbestos/lead abatement specialists." The main concern with removing lead paint is to not make the situation worse by creating lead dust or fumes in the process of removing it. Evacuate all inhabitants, block off areas with plastic, wet down dusty areas, and use a wet/dry vacuum cleaner with an air filter to clean up lead safely. Wear protective breathing equipment, and don't use flames or power sanders to remove the paint. For more information, contact the EPA for their pamphlet on the subject.
Things To Do with Extra Paint
Donate paint to charity. It doesn't have to be a charity. Many public works organizations collect old paint for various projects. Groups that build houses for the less-fortunate might be interested, if there is enough of it. Paint is expensive and assuming it isn't a gawd-awful color, there is bound to be someone who would appreciate a free can of paint. As someone who is involved in directing high school plays, I know that paint is a major part of any set building budget—donations are always accepted.
Paint a fence. Paint anything, really. I think it's nice to have some spare paint on hand for any number of projects. If you're like me, I'm always building something. Often these projects need a layer of paint, but don't necessarily need to be color coordinated. Why buy new when you can use what you have? Just be sure to seal your cans really well, and store at recommended temperatures. The shelf life of most paints is a couple of years, but they could be fine for decades in the right conditions.
Paint a painting. Explore your artistic side. House paints aren't the best for detailed canvas painting, but it didn't stop famous artists like Jackson Pollock and me from using them on a regular basis. Are you into crafts like painting garden gnomes or rosemaling? If not, maybe you know someone who is. You might be surprised what uses your leftover paint might find. Anything is better than just throwing it away.
