I don't drink much, but 'Cortez the Killer' always sounded extra good drunk. It just has that... I don't know, it feels kind of drunk itself, really slow and meandering. But so sharp, so sick. Other than that, I don't think drinking is very musical, unless you're at a concert. When I used to drink, we would generally watch movies or just talk. Maybe sit out on the porch.
As for smoking and other drugs... I could do a 10 page "user's guide" based on my experiences as a youth. I was all about which types of music worked best with which intoxicant. If we're talking MJ, for those of you in Colorado and Washington of course, it's almost an obsolete question because everything sounds better on MJ. But long jams always had a natural appeal. Tom Petty's Crystal River was a personal favorite. And as for other substances, well nobody asked about those so I'll stay mum.
As for which I prefer for music? Well, when you can... why not both?? But if I had to choose, I'd say smoking is much more musical.