Alcohol is toxic to organisms and must be detoxified and eliminated. Many enzymes are involved in the metabolism and the elimination of alcohol. EAch of the enzymes is coded by a gene and so there is an obvious genetic basis to alcohol tolerance.
Alcohol is soluble in both phases, thus it partitions into both phases.
The alcohol that partitions into the hydrophobic phase of brain cell membranes produces the light headedness. The alcohol that partitions into fat droplets reduces the amount of alcohol that can get to the brain cell membranes, but it also prolongs the effects of the alcohol by slowly releasing the alcohol back into the hydrophilic phase as it is detoxified and eliminated. Also, please remember that alcohol kills brain cells. It has been estimated that every time one gets drunk about 10,000 brain cells are killed. To me is seems foolish for students who are interested in learning and remembering to get drunk and to thus risk losing what they are trying to learn and understand.