Oh. Wow. I had no idea that’s what you wanted.
You’re going to want to use material nodes.
Make a beer bottle material that is glass, set up your alpha, fresnel, whatever. Set this material to use nodes.
Then, make a label model that has your texture, is not transparent or reflective, etc.
Then, go back to the bottle material, and go into the Node editor. Make sure you’re working on material nodes, and not composite nodes.
Then, you’re going to want to set up your nodes like so:
By using the texture as a mix factor, you tell the label material to only show up where the texture has alpha. Otherwise, the glass bottle material should show through. I just tested this with a procedural texture, since I didn’t have an image handy, and it worked well. There might be another step for an image texture, but try it this way first.
The material node editor is powerful, and it sounds like it’ll be getting even more powerful with the next version of Blender. Specifically, it allows you to use multiple materials to set options that can only have one setting, like fresnel. It’s a good idea to play around with it and see what kinds of effects you can create.