I think the frosted glass is a really good idea, and I agree that the bottom looks "funny" somehow. Ah well,this isn't easy.
Take for example this offering that took me the last three hours. I did it with the GIMP. Sorry.
1. Create the bowl, stem, base and backside of glass in seperate layers and paths. Fill with white.
2. Copy and combine all the layers except the backside of the glass rim.
3. Duplicate the glass image. Select it and fill it with a nice golden-brown color (I used hex #b88432). Turn this layer's visibility off for now.
4. Make the white object active and Gausian blur (RLE) about 5 px.
5. Turn on the brown object's visibility and bump map it against the white object. Give it a depth of about 30.
6. Select the brown object and shrink the selection 3 px. Feather that selection 2 px.
7. In the Curves adjustment, choose the Alpha channel and move the anchor in the upper-right corner down to about 25%. This will make the brown object transparent while leaving a dark rim around the shape to define the edge. DO NOT CANCEL THE SELECTION! We're not done with it yet.
8. Duplicate the brown object and delete the contents of the selection to clear out the middle of the image. We are done with the selection now, so cancel it.
9. Activate the layer containing the last copy we made of the brown image. Invert the color to produce a transparent blue figure. The shade of brown you chose will determine the shade of blue that you get, but we can change that in a minute.
10. Repeat the process on the layer containing the backside of the rim. We will need to finesse it a bit with some handwork to account for perspective (this piece is farther from our eye) and transparency.
11. There is some handwork involved in patching some small spots where the stem meets the bowl and the base and painting highlights. Use an airbrush and go lightly at the ends of the stem until it looks right. Highlights need to be fairly hard, crisp and dense. (If you look really close at my example, you can see a drop of good Merlot in the bottom of the glass.)
12. Paint in a drop shadow. Clear the inside with a large, soft eraser. Reduce the visibility until it looks right.
13. Change the hue and saturation to taste.
14. create a background and populate with whatever looks natural. And don't forget a little lens effect on the background behind the glass. You may also add a reflection by mapping an image to a sphere and pasting it over the glass with a very low opacity.