This is a technique that I've came up with while working on one of my project. It's called the "Dry Crackled Effect". When we talk about crackling, we would normally go for the crackle medium or Tim Holtz's Distress Crackle Paint. In this technique of mine, I've used the Distress Crackle Paint. This stuffs really works amazingly without the hassle of needing to apply more than one coat of paint.
Here are steps to it.
1) Cover your chipboard piece with some Distress Crackle Paint. Apply generously if you want bigger cracks and vice versa. Let it dry completely.
2) Use a sponge or foam to apply some dark colours distress inks on it's edges. I've used Black Soot distress ink in my example above.
3) Use a white pigment or solvent ink pad and dab it directly on top of the crackled surface. This will make it look really dry and enhance the crackled surfaces.
Try this technique on your next chipboard piece and I'm sure you'll like it as much as I do.