I have a slightly different interpretation of this song. It seems plausible that the song is about living the rock and roll lifestyle, which, as kids, they used to dream about. This lifestyle, which they are now living, consists of hot girls, drinking and cocaine--the later of which they are "too drunk to feel it". They used to worry about how they would support themselves as adults; now, however, all they worry about is ODing on booze and drugs.
I have a slightly different interpretation of this song. It seems plausible that the song is about living the rock and roll lifestyle, which, as kids, they used to dream about. This lifestyle, which they are now living, consists of hot girls, drinking and cocaine--the later of which they are "too drunk to feel it". They used to worry about how they would support themselves as adults; now, however, all they worry about is ODing on booze and drugs.