Philosophy goes as follows:
Alcohol can be tasty.
Being drunk kinda sucks.
Being really really drunk really sucks, unless it's because all your alcohol is really really tasty, in which case it's tolerable.
Spending $10 on drinks that taste bad is stupid. Spending $150 on drinks that taste good is expensive, but can be a good idea. Spending $0 on nothing is much cheaper, but doesn't involve getting anything to drink. One of the latter two is recommended.
See k5, if you're interested. I have the feeling I'm going to end up wasting a noticable amount of money over my lifetime sampling some of these :P