One of the scariest things that happened to me when I was drunk was when I was in Portugal during summer 2006 with two friends. We'd just spent a whole night out drinking, and as we were stumbling back to our rented apartment, some guy came out behind us from an alleyway between two buildings. He had a bike, and gave us some bullshit story about how his friend had gotten pissed and abandoned him, leaving him with the other guy's bike, which he was asked to look after.
Anyway, he asked us for some money to get a taxi home. Obviously, having been out drinking all night, we'd spent most of the money that we'd brought with us. Anyway, he kept on and on, and started saying "I'll sell you my watch" and stuff like this.
Eventually, he pulls up his shirt, and he's got a gun tucked down his pants, and pulls it out and says "I'll sell you this gun". I could see where it would logically head next, seeing as he had a gun in his hand and was asking for money. Luckily, I still had a few Euro left in my pocket which I didn't realise was there at first, so I gave that to him and he left us alone. Fuck knows what we'd have done if we really didn't have anything on us.
Possible narrow escape? Don't know if the gun was real or deactivated or what, but as you can probably imagine, we all sobered up pretty quickly after that.