It probably depends some on the type and brand of paint you're using. I use Model Master, Humbrol and WEM Colourcoats, and for all of them I now thin them half-and-half, using lacquer thinner. There is a video posted on the forum from the FSM staff about thinning for airbrushing. After watching it, I decided I wasn't thinning the paint enough.
What I do is open up a new bottle; drop in a couple of B-B's; reclose and shake. Then I open the bottle and stir, then dump it into a disposale container (usually a used yogurt container; we have lots of them).
Then I refill the original bottle with lacquer thinner and dump that in with the paint. Mix it all up and return it to bottles--with the B-B's, that will serve as mixing assistants when you shake up the bottle.. Of course, now I have twice what I started with, so I have to have another bottle to hand for the overage.
Tower Hobbies sells empty, spare mixing bottles in two sizes (equivalent to Model Master size and the other equivalent to Floquil RR colors).
Some folks say that mixing colors thin enough for airbrushing will reduce their shelf life. Personally, I haven't had this happen. I've had some bottles ready-thinned for airbrushing for years.
Thinner paint means thinner coats, and more of them for coverage, but I've been having pretty good results with this method. But they'll run or puddle if you spray too much too fast.
And, as usual, try everything first on some old kit that doesn't matter too you. Practice, practice, practice.
Good luck.