If you want to do it yourself for 5 cents a label, I'll show you what I did:
I designed my labels and printed them with my laser printer on sticker/label/adhesive paper (100 sheets for $25 at kinkos - inkjet label paper is probably cheaper), and then took them to the local print shop and had them cut them all for me for a few bucks. I fit 6 bottle labels and 6 neck labels on each sheet (I cut the necks out myself, though, because they're odd shaped.
They're completely water resistant (this might be partly due to the fact that they're laser and not inkjet - I don't know).
They also look a lot better than the pic shows (Plus I redesigned the colors a little bit - these are prototypes).
Here you can see the layout - you might be able to pack 8 or 9 to a page if you resize a couple things and don't use a neck.