...I do have a few minutes' worth of first-hand experience on this subject. They're pretty fun.
The one I was playing on seemed to be just regular water pipe, about 2 inches outside diameter. Not polished, not abrasive, just like what you've probably seen in hardware stores. I don't know what sort of bearings it was mounted with, but you definitely want the pole to rotate freely. That makes it really fun, and people who know what they're doing (not me) can put on a pretty good show with all the extra spinning around that a bearinged pole provides.
Ideally you'd use a thrust bearing (google for more examples) but a hefty radial bearing might work well enough. An automotive axle bearing, for example, might be strong enough with the axial loads in question, and those are easy to find at a junkyard.
Make it strong enough for fat chicks to spin on. You probably have friends who are not skinny (or even chicks) who will take a shot at it, just for grins. It might be fun to watch them fall on their asses but (a) that will happen even if the pole remains secure; (b) don't let that ruin the pole.
I wasn't even drunk, just figured it would be fun.
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Reduce firearm violence: aim carefully.
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