All excellent responses and good food for thought.
With regards to this specific friend, our renewed friendship has made me realize that a lot of his funny stories revolve around him being drunk and doing silly stuff with his friends. It used to make me laugh, but now, strangely, I feel a bit weirded out by it. I wonder if he knows how much he drinks, but then I quickly stop myself from being concerned, because I don't want to go all codie/control freak. So far, my contact with this individual has been limited to coffee/lunch/afternoon stuff, mostly because of my lack of availability in the evenings due to having a toddler...but perhaps it's better that way, at least for now. I'm still rather mad at alcohol in general...
If I examine myself honestly, I think I'm ok with people having a few drinks at dinner, and I'd be alright with having a cocktail myself once in a blue moon, but I have no interest in cavorting around town drunk (which I used to do a lot in my university days). There's simply no room/desire in my life for that kind of stuff anymore.