The hook is nice and catchy-ish. Like you mentioned, the 12 ounce name would be much better I think. Calling it Shipfaced is pretty gimmicky.
The weed line seems completely out of place (as in, shouldn't be in the song). It's also gimmicky and really doesn't come off in a way that appealed to at least this smoker. Sticking with the drinking lyrics would be better I think.
And speaking of the drinking; It might be questionable to show the driver drinking out of a huge bottle of Vodka. Don't get me wrong, I know that's how it is and I've done plenty of drinking on plenty of lakes (I actually have a cottage on one in upstate New York), but just flashing that "drink responsibly" graphic at the end won't get that video cleared for a lot of non-local tv with the driver obviously drinking in the vid.
As far as the chicks go, I've never been a fan of bands recruiting random "hotties" (ie. chicks they want to trade screentime for a bang) in their videos. It's always better with actual professionals. Be that models or dancers or even strippers, they tend to do better than "real" chicks.
All that being said, though I wasn't a big fan of the video (although it did look well shot), I don't think the actual song was any worse than what I hear regularly when listening to country stations on the radio down here in Fla (which is kind of infrequent, but still, I am familiar).
I wish your buddy luck and, if I'm ever on the same lake with him, I'd gladly tie my boat to the boat bar crawl!