What could students get in trouble for, and what are the consequences?

Answer: 

Yale does not typically take disciplinary action against students simply for consuming alcohol.  Intoxication is addressed as a medical issue that may need short- and long-term attention.  However, students are still responsible for all their actions regardless of whether or not they intoxicated, so in cases of vandalism or assault, intoxication is not an excuse and may be viewed as an exacerbating factor.

Serving or supplying alcohol to students under 21 is also illegal and in violation of Yale policy, and may result in disciplinary action.  The same applies to possession, distribution, and use of illegal drugs or other prohibited substances.  Consequences for any of these violations range from a written reprimand to suspension or expulsion.