Notes:
Much of this tutorial is similar to the One Way to Create a Wine Glass tutorial on the Wings3D site. But there are some differences.
Modeling:
Start by creating a cylinder with the Faces (F key) selection tool select the top face of the cylinder.
Intrude selected face and drag your mouse the left or right until you get the glass to the thickness you want.
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Deselect all the faces, rotate your view so that you are looking into the bottom of the cup, select the bottom face. Now rotate so that you are looking at the bottom of the cup from below, select the bottom face. Apply the Bevel tool and drag your mouse a little to the right, when smoothed this will give it a slightly rounded bottom.
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Deselect the faces again, rotate the camera so you see the top of the cup, select all the top faces. Now Bevel them, just like you did in the last step, do them about half way.
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You now have a nice looking cup, you can go on with the next step of skip to the smoothing section if you don't want to do anything more.
To add a little character to your glass try selecting all the faces around both the inside and outside of the glass, or every other around the glass, or just the faces on the outside of the glass. Then try any/all of these tools: Bevel, Inset and Bump. You can cancel an operation by right clicking, and you can undo your last step by pressing CTRL-Z.
Below I selected every face around the outside and used Inset.
Smoothing and Exporting:
If you plan on on importing your cup into another package that allows you to smooth your model (like Bryce) you are ready to export (File-->Export...), I used a Wavefront .obj, but a 3D Studio .3ds should also work well.
If you need to do your smoothing now change your selection mode to body and make sure your glass is selected. Then choose Smooth or use the shortcut key S. Smooth as much as needed, you can view your model in a shaded view by hitting TAB on your keyboard, you may need to deselect you model to see it properly. Finish by exporting it.
Your finished, you can now stick it in your favorite rendering software, give it a glass texture and hit the render button!
Note: the rendered image at the start is the original model I made and not the one I made in this tutorial. The only major difference is that instead of using the Inset tool I selected every other face around the outside of the glass and used the Bump tool to add something to it. Rendered in Bryce.