For handsome bottles that I serve from the refrigerator, I make ink-jet on paper labels attached with an ordinary gluestick. Obviously, this method is not suitable for se in a cooler, as the ink would run and the labels would slough off if immersed for any length of time.
I have not found an economical way to make cool-looking waterproof labels (lots of expensive ideas, though, from silkscreening to laser-cut vinyl stickers).
However, as a lazy/poor/innovative man's alternative to labels, especially for bottles soaked in a cooler, I have used color-coded caps. After bottling, I just color the caps with a sharpie or some model paint. I put a dab of the paint on the page of my brewing log, so I can trace bottles to batches. Just use a different color or color combo for each batch. No need for labels in this case.
For serving at your parties, you may want to post a "key" matching the different colored caps to a label you would have put on the bottle. This way, you show your cool lable art, your guests can tell what they are grabbing out of the ice, and you end up with less mess and a lower cost than some of the alternatives.