Drinking and partying in foreign countries. Is it okay?

I’ve had mixed opinions from my friends whether it’s okay to drink and party while staying in foreign countries for vacation. They said I might get ripped off easily if I’m not sober. One friend who went to a dating holiday tour said that he was charged double by his cab driver. The other has had to pay for another table’s tab. It’s quite unfortunate really.
Although, there were some who said that partying and drinking with the locals of the foreign country took their experience to another level. They said it was fun and it helps you make friends with people easily. Now I don’t know who to believe. What’s your opinion about this, guys?