Work hard play hard, or work hard work harder?

So I have been told by my peers that apparently I mastered the art of the WH/PH college routine, as they see my ability to perform well academically while also managing to have more fun than them as some god given gift that one simply has or does not. No narcissism intended, I'm no smarter than they are, just more driven since I have a career in IB in mind. They put forth less effort in their work and would rather sleep in than get up and study, while I tend to stay out just as late, drink or snort just as much if not more, yet will still be far more prepared academically. I began to share some advice with them on my personal experience, which eventually got me thinking....

Is it realistic to expect to maintain the ability to party and still excel at work in this business? Movies would tell you that booze, Colombian bam bam and five-figure bar tabs is not incredibly uncommon in the world of finance. Of course I'm sure there is some truth to all sides of it, but I'm speaking generally. Obviously i'm not talking about being a fucking bum who's trying to black out 2-3 nights a week, more the city bar/club life. IB attracts a special type of person to begin with, so I assume their behavior is not indicative of the average individual, so i'm taking that into account. Do most people you work with still manage to keep a vibrant social life or is this a rare breed? (speaking mostly of analysts/associates)