I'm in the middle of refinishing a wooden wine rack that I purchased off Craigslist.
Mr. DIY also made a top for it. If you noticed in the first picture, the wine racks are stack-able. Mr. DIY had to drill holes in the top to fit down over the pegs. In order to get the correct depth, we used electrical tape wrapped around the drill bit. When the tape "tail" begins to "dust" the drill shavings from your board and touches the board, you know you have drilled deep enough. It's a neat little trick.
I have it all sanded down and ready to paint; however, I haven't chosen a color yet so it waits.