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Well, after drinking, you can dance on tables/counters/etc., and certain drinks will give you a moodlet that temporarily gives you the Daredevil trait so everything you do is 'Extreme', but that's the closest to actually being drunk this game has to offer. It's technically called 'Juice' still, not alcohol, though some of the names are close to real alcoholic beverages (like WooHoo on the Beach), and you can name your custom drinks after real alcoholic beverages.
There's also a hangover-type deal for certain drinks; It'll give you the same 'Crashed' moodlet that you get when Coffee wears off. But you can drink as much as you want, drink after drink after drink, and have no ill effects (Other than your bladder motive draining, if you don't have Steel Bladder).