Caps Lock must be the second most useless key on my keyboard (what does Scroll Lock even do?) and one of the first things I usually do after installing a new Linux system is to rebind it to something useful, such as backspace. This is very easy to do (in X11 at least). Just call this script on login.
#!/bin/sh
#Set the keyboard layout to "Swedish"
setxkbmap -layout se
#Replace Caps Lock with Backspace
setxkbmap -option caps:backspace
#Required to allow key repeat
xmodmap -e "clear Lock"
You can replace Caps Lock with other keys by changing ‘caps:backspace’ to whatever you want.
Replace Caps lock with escape:
setxkbmap -option caps:escape
Replace Caps Lock with Ctrl:
setxkbmap -option ctrl:nocaps
Reset all options and bindings:
setxkbmap -option
Random technicalities 
Hey, thanks for this information.
By the way, i chose another shortcut for toggle CAPS function.
I do it pressing both switch keys at the same time.
setxkbmap -option shift:both_capslock
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