I've done this myself. Before doing this I found alot of advice on the BYOC forums. Here's what I did using inkjet decals.
1.
Purchase inkjet water-slide decals from decalpaper.com. Your also going to need a can of clear coat so pick some up from the local hardware store, get some sanding sponges and utility razors if you don't already have some. A product called 'Testors Decal Set' improves the bonding of the decal, I recommend getting this too. If you have a well-stocked hobby shop nearby you might be able to pick up your clear coat, decal set, xacto knives, and sanding sponges all in one place.
2.
Prepare you image digitally (photoshop) while you wait for the decals to arrive in the mail. Calibrate you monitor colors first! Check you final image on different computers/monitors. Colors will always turn out differently on different media. Make test prints on the printer you will be using. Consider that high gloss papers will appear shinier and the colors will appear more saturated than on plain paper. If you print looks

on plain paper, than it will look

on gloss paper.
3.
Print on the highest quality color printer you have access to. Set the paper type to the heavest available setting, example: ExtraHeavy cardstock. Make sure the printer is warmed up and the transfer drum is super clean. Send a few blank prints of plain white paper through the printer first to get it nice and hot and pick up any residue ink on the transfer drum. Now your ready to send that expensive decal paper through the machine. Note: some printers simply can't feed the thick glossy decal paper and will always jam. I wasted three sheets to paper jams on a xerox printer before turning to another maching and than wasted two more on a HP printer until I got the settings right.
4.
Protect your print. The instant it comes out of the printer, cradle and protect it from dropping, curling, stacking onto a feed tray. Don't let anything touch the inked area! The ink is literally floating on the surface of the gloss and will scratch super-easy, even dust or loose hair can ruin it. Protect your print with a clear coat as soon as possible. The manufacturer recommends a acrylic clear coat. I used rustoleum high-gloss enamel. Be extra attentive to how far away you are holding the spray can from the decal. If you hold the spray can too close the aerosol solvents will dissolve the decal's gloss and leave yellow tobacco looking stains on your decal, or ruin it altogether. Also holding the can far away prevents spotting within the clear coat. Two thin uniform coats will protect it sufficiently. Apply the second coat shortly after the first also gives a smoother more uniform finish, about 10 minutes is all it takes. Then leave it to harden overnight. Now use an xacto knife to cut away excess paper. Leave a slight (~1/4") border of extra paper around the edges, this will be the only place you can touch the decal while it is setting.
5.
Prep your surface. Use a instrument wood cleaner if you have it. Clean off any stains on the wood. Rub off any skin oils that may have built up.
Then gently rough up the wood surface with an extra fine abrasive. I used foam sanding sponges from home depot, 0000 steel wool should also work. The goal is to give the surface a little texture for the decal to bind to. Do this with a light touch and the original finish will look dulled. If your leaving scratches than your sand paper is too rough or your pushing down too hard. Wipe away all wood dust afterward.
6. Time to get
Wet! Gather up all of the following: your bass, decal, decal set, shallow pan, paper towels, q-tips. Fill a large shallow pan with luke warm water, no more than 1" deep. Do not use hot water, if the water is warmer than your finger leave it to cool. Don't leave it too long to get cold, refill it if it does. Best to use filtered water, too much dissolved minerals in the water will weaken the surface bond. Now get ready, this is the most time sensitive delicate part and you will be doing two things at once so make sure everything is close within reach and there are no distractions.
Lower the decal into the pan, face up, slowly. Hold it on the uninked edges. As the decal goes into the water it is going to want to curl up and float to the surface. Keep your fingers on the edges to anchor it down and prevent curling. Press it to the bottom of the pan. Now that the decal is evenly soaked it shouldn't curl up as much, you can let go of it now.
The clock is now ticking. Wet the wood surface with 'decal set', brush it on evenly with a qtip. Use only a thin layer, only enough to wet the surface. Wipe away any excess that pools up. Now get back to your soaking decal.
I found that the ideal amount of time for the decal to soak is about a half a minute, after a minute the paper gets gooey and more difficult to work with. From here on out only touch the decal with wetted finger tips or a wetted q-tip. Do not use any metal tools! Put your fingers in the pan and scoop the decal out from underneath. Do not pinch it or pull it because the paper will stretch and so will your image. Hover the decal over where you want it to go. Get everything positioned, orientated, and lined up, go over the layout in your head on last time. Now lower the decal on the wood surface. With a wetted finger tip gently touch the decal surface and use your other hand to slowly pull out the backing paper. Reposition the decal as you pull out the backing paper. Rewet your finger tips/q-tip frequently. Take your time doing this. Use only gently nudges to position the decal, avoid pulling it if you can. If the decal doesn't want to slide, dip your fingers into the pan and drip some water onto the surface. Once it is in place leave it to dry for over an hour. If you need to trim any excess decal film wait till it dries. Trim away excess with a VERY sharp razor/xacto knife. Use minimial force while trimming as the decal can still stretch and ruin your image. And you would hate to ruin it by this point.... as I had done
7. and finally,
Seal the decal with two more thin clear coats. Again, within about 10-15mins of each other. Mask off your bass so you don't get stray clear coat onto other surfaces. Clean up and leave to dry. and the final final step: pick up bass & play
1. Purchase supplies
2. Prepare artwork
3. Print decal
4. Protect print
5. Prep surface
6. Wet decal
7. Seal results