Nothing you do in public is private, that's a contradictory statement.
I never said anything about acting like you're in the office at all times, I know I sure as hell don't. I party with the best of them, but I also know when and where to stop.
And I also don't wake up in a pile of my own puke (the scenario I posited in my first post). If this is you at parties, then you have more problems to worry about than what people on facebook are going say. In fact, the one time I passed out at a party, somebody posted a picture on facebook of that, and I'm not ashamed of it. It's a funny photo, and it's never caused me to lose or not get a job. Facebook has privacy settings ya know.
Simply attending a party won't get you in trouble at work unless you work for a pretty crappy organization. Plus, you can always click "remove tag" if it bothers you that much...that way your employer won't see if it's really that big of a deal.