Lyric discussion by TheFinestDay 

Cover art for Blooddrunk lyrics by Children of Bodom

I think it's pretty obvious this song is bout the attraction of alcohol. Alex and the band are bashing alcohol lovers pretty hard...

Degenerate, throwing the wreck of life.

(degenerate definition from dictionary.com : to fall below a normal or desirable level in physical, mental, or moral qualities; deteriorate: The morale of the soldiers degenerated, and they were unable to fight), saying that you're giving your life away

Someone is spilling your own blood.

Someone else is killing you and your too stupid to see.

That's very hot, scars already made.

Maybe about a young person and how scars are made when people start drinking at a young age.

Ready for another drink anyone?

obviously a rhetorical and sarcastic question.

Most of it is self explanatory.