texturizing siding

seriously?

that is a terrible idea. interior drywall mud is not intended to be used on the exterior of a wood house. actually there are no exterior plaster, stucco, masonry or EIFIS products that will bond to wood siding.

your options are to paint, cover with vinyl siding, remove the wood and install hardi board, remove the wood and install new.

you can use products to strip the old paint material and fill the imperfections in the wood with exterior wood fillers but that will probably fail too.

texture paint

I saw a product from HOMAX It's called crumbled stone paint texturizer. you mix it with the paint and roll it on the surface .this stuff contains perlite or something like that.anyone has applied that before?

As NAV stated, drywall products are meant for INTERIOR applications. I know there was/is a sand type finish (additive) available that I'm sure can be mixed with exterior paint to suit your need. HOMAX makes a lot of interior type texture finishes. Not sure if the one you're looking at would be suitable or not. Mixed with the proper paint it may be ok. Check their web site and see if they have information there to answer your question or an 800 number you can call for advice....