I agre with Mod 42. I like alcohol as much as (or more than) the next guy, but if you cannot derive enough simcha from the Torah itself–well then you do not need to be dancing with it. In addition, under alcoholic influence, one’s judgment is impaired, and it is easy to drink just a little too much. A dropped Sefer Torah is no little matter.
As far as women dancing goes- if that is what they want, then why not? If it gives them additional appreciation of the Yom Tov–more power to them.