DO NOT TRY THIS AT HOME (MOSTLY BECAUSE IT DIDN'T WORK, FOR ME ANYWAYS). IF IT DOES WORK, SIDE EFFECTS CAN INCLUDE ALCOHOL POISONING AND DEATH.
UPDATE: There have been some mixed reports about the benefits of inhaling alcohol, including the fact that you are still ingesting calories, and it is possible to get a hangover from smoking it.
About 4 years ago I heard talk of a new bar opening that would serve alcohol you could inhale. The idea was you could suck on these hoses that would supply alcohol enriched oxygen that could get you drunk.
The buzz was supposed to hit you almost instantaneously, how you would not stay drunk for long periods (allowing you to sober up and drive home), plus best of all, no hangover!
While the bar never happened, but it looks the the science is sound. Kids claim they have figured out a way to extract the alcohol from drinks themselves, safely and cheaply. I'll freely admit I was as giddy as a schoolgirl when I learned of this (I get some crazy hangovers.)
There even seems to be a couple of commercial products that will do the same thing. Check out the Vaportini , and and a device called Awol, Alcohol with out liquid.(now gone I think...)
The only drawback found so far in inhaling alcohol seems to be if you bypass drinking the alcohol, you can get yourself too drunk. Your body's natural defense against this doesn't kick in (vomiting), and you could potentially die of alcohol poisoning.
(This guy seems to be the poster boy for alcohol poisoning)
These guys seem a little more scientific. Are you really nebulizing the alcohol, or are you evaporating the drink. (Alcohol only, or liquid as well)
I just waisted all the alcohol and didn't even get a tiny buzz. Maybe we will try it again, but the night was a disappointment.