Not sure about the specifics of the law (I never drink alcohol, so I never bothered to read up on it), but from an ethical point of view, it highly depends on how drunk the two are. Is one of them significantly more intoxicated than the other?
Generally speaking, I’d recommend against it unless you aren’t THAT drunk. When you are significantly intoxicated, you are less likely to be able to express your discomfort or notice/recognise your partner’s discomfort, so there is always the risk that you, while drunk, might think you’re having consensual sex while the reality was that the other was unable to consent and actively wanted to stop, and you misunderstood their intent.
Obviously it matters greatly if the two already know and trust each other, and are more likely to recognise when the other is uncomfortable compared to strangers hooking up for a one night stand, so there is another layer of consideration.
Generally speaking, probably best to avoid getting hammered and having sex.