"How dreadful!" cried Lord Henry. "I can stand brute force, but brute reason is quite unbearable. There is something unfair about its use. It is hitting below the intellect." ~ Oscar Wilde - The picture of Dorian Gray
I'm silly and giggly when with those I'm close to, but no matter how drunk I am, I've always been completely aware of what's going on and what I'm doing. So I never lose that more detached awareness even when I'm loosening up and being more silly.
"...On and on and on and on he strode, far out over the sands, singing wildly to the sea, crying to greet the advent of the life that had cried to him." - James Joyce
The effect that it has on me depends on my situation once again. When with people I get along with well and being a little drunk, I am generally more happy and funny and more outgoing. Once I was very much drunk though and I was so ridiculous silly, much to the fun and surprise of the other people at the party But I didn't do anything I had to really regret later still.
On the other hand, 1-2 parties where I just was for some longer time sitting alone it makes me actually sad and depressed. Though when people then came later to me, I quickly could get out of it, even if it was people who I usually don't have anything to do with (and who was probably also somewhat drunk since he would usually not talk to me either I think xD).