Being young, and being too reckless? Taking it too far..

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My friend and I are stumped as to what to do about another friend of ours. We feel like she is struggling with her maturity level, and this is affecting her behaviour at parties (drinking)At most recent example, would be my own birthday party. It was only supposed to be a small get together, with us girls, but as soon as my boyfriend stopped by with his friends, she started to drink faster and more heavily. We at first just told ourselves it was her trying to show off to the guys. Throughout the night, things got much worse, She was touching her breasts (and talking about getting breast reduction surgery) she also had her pants down (insisting that all the guys, including my BF, see the "CUTE" buttons on her panties...)when everyone stopped drinking and started watching t.v. on the big screen, she continued to drink in the corner, and started to cry. My friend went over to take the 26er away from her and she got physical and slapped her hand away. The night ended with her throwing up, all over a blanket and my carpet. This was my birthday and I spent most of it cleaning up her vomit and taking care of her! This is only one occasion, she acts this way all the time, and pushes her limits. Should my friend and I talk to her? She doesn't understand why we don't want to drink with her, we don't want her drinking in our homes, and we do not want to go out in public with her, we don't want to be in anyway responsible for her actions or responsible for her safety. We want to talk to her about the situation, but do not know how we could without terribly offending her.