The discipline of neuropsychiatry tries to bridge the gap between neurology and psychiatry in order to gain insight into the biological bases of psychiatric disorders. A principal tool is electrophysiological assessments, as, for instance, event-related potentials (ERPs). In this paper, we will review the current main findings concerning the status of cognitive ERPs in a specific psychiatric disease, i.e., chronic alcoholism. First, delayed P300 latency and reduced P300 amplitude are a common and robust finding in chronic alcoholics. Our aim will be to insert this empirical finding into the growing knowledge of molecular actions of alcohol and genetic patterns of alcohol dependence together with a more precise identification of alcohol-influenced neuronal and psychopathological processes. We will show how this may help us to reach a better understanding of this pathology. Second, an important set of data also pointed out that earlier ERP components, such as the N100, the mismatch negativity (MMN), the P100, and the N170, were also affected by chronic consumption of alcohol. Therefore, as the entire information-processing system seemed to be altered, these results deserved to be discussed, at least concerning their main clinical implications. Finally, although long term consequences of alcohol abuse have been extensively described, little is known about the detrimental effect on neural and cognitive processes of massive alcohol intake over a short period of time (e. g., binge drinking). Recent data on this new and challenging issue will be outlined.