Hot spots: Lisbon, Porto, Lagos
The Portuguese love their wines -- especially their ports and green-tinted vinho verde, and bottles won't set you back much. Lagos, in the Algarve on the Southern coast, specializes in party hostels, booze cruises, and all-night pub-crawls (where a beer bong will cost you a mere $3), not to mention beachfront parties. While you shouldn't have much trouble indulging your other vices (with a measure of discretion), you can also quietly hop across the border to Spain, where growing cannabis plants for personal use is permitted and grow-shops have turned a pretty profit by bending the rules.
Don’t miss: The experience of staying in a hostel (hopefully not like this). If you really want to keep the party going all night long, a hostel with likeminded folks is the place to be. In the Algarve, that would be The Rising Cock in Lagos, famous for its hard-charging guest, wild booze cruises, and beach parties.