To whoever said beer is cheaper, are you crazy? Maybe you can get it a little cheaper, but for the most part unless you're buying tall boys or 40s, the best you can swing is 13$ for a 30 rack. That gets three average drinkers pretty drunk, maybe you can extend that to 4 or 5 people if there's some lightweights present.
For roughly 12$, you can get a handle of cheap ass vodka, which is 55 shots. That gets 5-6 average drinkers pretty drunk, and you can extend that to 7 or 8, maybe even 9 if there's some real lightweights. If you're looking for a cheap way to get smashed, it's all about liquor.