I have done just that before, covered the top in caps then epoxied it. It was a lot of work. Unfortunately when I remodeled my bar, that part was tossed. If you do plan on doing that, make sure you glue or something the caps down first. I didnt and spent hours pushing them back down as they tried to float up. Turned out awesome though.
This is what you are looking for. It was featured in BYO: http://byo.com/photos/item/471/asInline
I don't think my link worked, so go to:
Then scroll down to Brian Williams in Greenwood, IN
There is a photo of a bar he built with epoxied bottle caps.
BTW, this is not my table.
Brewin' on a Medium Brewha BIAC system with glycol
"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
my friends have a nice beer pong table covered with bottle caps. one of their families owns a wood workign company so the wood is nice red hardwood sanded and finished nicely and the top has all the bottle caps recessed into the table with a self leveling epoxy on top. it's awesome. they used different colors to make the University of Minnesota "M" in it.