Traditionally, alcohol has had 3 effects: stat boosts, get you drunk (stat penalties), knock you out. Depending on the stage of drunkenness deteremined what stats got boosted. See the old wiki for more information on what it did entail.
Note that it looks like Wine is in the game. (At least the winepress is and skill for it.) You get the same effects.
http://ringofbrodgar.com/wiki/WineNote the last one on that page: A Glass with a Friend... old version you could overstuff your study. Short term INT boosts don't allow you to use more items than you have INT currently, so when the INT boost goes away, so does progress on at least part of your study.
viewtopic.php?f=47&t=41897&p=547916&hilit=study#p547894
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