I drank alcohol at the party.
That sake is out of season now, so I'm afraid it's not available.
"Let’s split the bill." "No, it’s on me this time. I drank a lot of alcohol, but you didn’t drink anything"
This is just the noun version of the kanji 酒 - it has an お there to be nice. This word can mean both alcohol (like the parent kanji) or sake (the main kind of Japanese alcohol, at least back in the kanji days).
The reading is kun'yomi, which isn't what you learned with the kanji. But, it should be pretty easy. You know what Japanese alcohol is called already, right? It's さけ, simple as that. So long as you've heard of sake you should be A-Okay with this reading.