After reading through this thread and especially the last comment I realized that there may be some sort of generation gap in how people view inappropriate pictures online. To young people who grew up with the internet and regularly use friendship networks to stay connected and share their experiences with their friends, it seems only natural to have pictures of your life and drunken escapades online. However, people of an older generation, who do not use the internet for these purposes find it horrifying and ridiculous and very irresponsible to put inappropriate pictures of oneself in such a public forum. To them it is like putting a picture of yourself drunk or half naked in the middle of Time's Square for everyone to see. You think that only your friends are looking because who else would care, but that's not the point. It's also not the point that you get drunk or not. What is really offensive is that you have chosen to place the evidence of your questionable moral behavior, behavior you might not want your grandma to see, in a public forum. For those of us who didn't "grow up with it" as an extension of ourselves it really seems crazy and stupid to put such pictures online. I was always taught to keep some things private, and that means NOT on the internet. If you do drugs, get drunk, dress provocatively, then fine, do that in your spare time, but don't celebrate it on the internet for everyone to see, it attracts negative attention to yourself and might detract from the more positive things that you do in your life... and those are the things that you should be celebrating.
Sorry to sound like I'm giving a lecture, but I'm just trying to help you see how an adcom might view it and what the issues are. Hopefully it will help some of you avoid being passed up because of what you had put on the internet.