In space shuttle terminology, capcom also stands for capsule communications (even though the transport device is not called a capsule anymore). They are responsible for most of the talking to the shuttle during the missions. They relay all the messages to and from the shuttle. It's a very important, very stressful position in the space flight system.

If you watch the movies Apollo 13 or Armageddon carefully, you will see the capcom position in the ground control. "Houston, we have a problem", was first heard by CAPCOM.