Riding drunk is the same as driving drunk. Its illegal.
However, many police give a little more slack to bikers who are drunk, because they know it would be worse for them to be driving than just biking. Its also a little harder to tell if you are drunk, because bikers tend to weave around and ride erratically when sober.
Personally, as I get drunker, certain activities fall off my list of 'safe to do'. The order typically goes:
Drive a motorcycle
Drive a car.
Ride a bike.
Walk a bike.
Walk.
Sit on the couch.
Sit on the floor.
When I reach the end, I lay on the floor, roll onto my side so I don't inhale my own vomit, and pass out.
peace,
sam