More often than not, I like to place a “DRAFT” watermark on my documents. This can be easily and automatically done by just including a specific package (one for PS and one for PDF).
\usepackage[draftcopy] % for PS and DVI
\usepackage[pdfdraftcopy] % for PDF
For the documentation of draftcopy check here.
For the documentation of pdfdraftcopy check here.