Use a key (caps lock?) to toggle a conditional activation group or profile?

Is there a way to let the state of caps lock (whether on or off) determine the type of shortcuts that are active? So for example, if I toggle it on, my gestures that would usually be used for web-browsing, switch function to work as media player controls in-browser. Alternately, having caps lock toggle between various configuration profiles somehow would be similarly awesome.

This might be loosely similar to how Logitech keyboards have multiple mode buttons, or their gaming mouse software can switch button mappings by tapping a master profile-switching button on the mouse.

Well, this place sure is dead. Bummer for such an amazing piece of software.