Depends on your age, gender, size, genetics, and any pre-existing conditions.
Binge drinking - drinking 5 or more drinks for a man and 4 or more drinks for a woman in one sitting is a major public health concern, according to the U.S. Surgeon General and the U.S. Department of Health and Human Services.
Alcohol poses long-term damage to the brain. You may only be drunk occasionally, but your brain will suffer long-term. Alcohol kills brain cells, creates depression, causes a greater need for alcohol over time, and raises blood sugar, thus posing a risk for adult-onset diabetes. Concerning liver damage, it is hard to say. Genetics, age, other drug use, size, and overall health can be a major factor in determing this. But it will NOT do your liver any good.
Alcohol has also been linked to a wide range of illnesses, such as the increased risk of mouth, pharyngeal and oesophageal cancers (this risk being greatly increased if combined with smoking). Furthermore, alcohol probably increases the risk of colorectal and breast cancer.
And the list doesn't stop there: high blood pressure, gastrointestinal complications, such as gastritis, ulcers, and the depletion of certain vitamins and minerals can all be caused by alcohol consumption (this depletion can damage your liver).
All in all, alcohol in huge amounts, even occassionally, does not do your health, looks, or budget any good.
Drink in Moderation!!