The aims were to describe the occurrence of alcohol consumption and alcohol-related problems in Argentinean students, and analyze differences in risk behavior, alcohol-related problems and sensitivity to reward and punishment, as a function of heavy episodic drinking, drunkenness episodes and age at drinking onset. We analyzed the relationship between alcohol consumption and drinking social norms. The final sample was composed by 106 students. Subjects with drunkenness episodes had more negative consequences and greater sensitivity to reward and punishment, while those with heavy episodic drinking had more problems resulting from alcohol consumption. Moreover, students with early drinking onset showed greater sensitivity to reward. Students who perceived greater alcohol consumption among their peers consumed more alcohol themselves. These results highlight the association between personality and societal variables and the probability of exhibiting risky alcohol consumption.