This is highly unlikely.... you could buy a brand new foosball table for what it would cost to build this thing.....
First off a desktop controller wouldn't cut it. It would be very hard to play without looking over the table. That means not only are going to have to build a table, but find a huge monitor to put in it.... The only way i could see you doing it would be to stick two 25 inch tv's in it side by side on their backs. This would be a problem in itself as most tv's don't like to be at such a drastic incline. Also it's not true 3d so there would be some perspecitve issues involved.
Secondly the optics involved are going to be expensive. In order to pick up a round rod moving in and out and around at high speeds your going to need a dual optical mouse per rod.... Those aren't cheap as they are about 40-60 bucks a pop and the cheap one's won't do in this case. So your going to need what, about 5 of those? (It's been a while since I've played.) You couldn't use pots or mechanical devices as they would slow down the spinning. You would also have to put weights on them so that they would be properly counter-balanced as the real thing spins kind of lop sided due to the little men attached. Now also you have a rod going from one end of the playing field to another..... you can't put it in front of the screen or it would block your view, you can't put it behind because of the picture tube.
Now your final problem. What all this means is that your going to need 5 independant mice. u_rebelscum barely got a few running so I seriously doubt that you could program a windows graphics engine for a game that would also be fashioned in a way that lets you have 5 mice inputs. The problem is to make a nice, modern game you really need opengl or directx and neither one like the multiple mice deal a whole lot.
On a final note, I think this idea is technically interesting, but seriously step back and think about what your wanting for a moment. A foosball table is EXTREMELY low-tech and your wanting to go to great lengths to make a simulation. Isn't this project kind of like emulating a paddle-ball game? I mean sure with a team of developers working for months they could probably come up with a vr glove and a physics engine realistic enough to make a convincing paddle-ball simulation, but dude for 2 bucks you can buy a paddle and tie a ball to it.
What I'm saying is why not just build a real foosball table? 5 sticks, some men with holes in them, a table and your ready to go. You could build one for next to nothing and get a much more realistic experience.
Again, not trying to be the pessimist here, but I just though I would bring some common sense into this discussion.
"My Bobby ain't gonna be a playin no foosball it's one of the many tools of the Devil!!!!"