Go, drink straight coke and take notes...
Totally. That's pretty much what I did. Gawd, some people never fail to entertain by making fools of themselves every year. The whole thing was always equally enlightening and disturbing. I saw some pretty crazy stuff, I always wondered if they'd regret it once they sobered up. Considering they'd do the same thing the following year, my guess is they either didn't care or just didn't remember. I know I wasn't the only one to look at the director very differently on Monday after watching her have a great time at the party, getting wasted and spending a good part of the evening groping and putting the moves on one of the very married managers. Ugh.
Definitely go. You need a REALLY good excuse if you don't want to go (ie someone's death bed or out of the country) because it doesn't look very good. And if you go, don't drink at all - or no more than 1 or 2 glasses.
It's much better to be the one who remembers
others making fools of themselves.

IMO anyway.
Edited to add:
It depends on if you are in a job where you need to network or not. If you need to network, some people get their panties all bunched up if a person demonstrates that they "aren't a team player". I drink coke if I can get away with it and red wine otherwise. I can make a single glass of wine last 6 hours and I'm good at getting my hand over the glass to prevent re-fills. Getting drunk and hitting on the women co-workers is as bad as not attending in the networking environment. Just look at what happened with RIM. Their founders liked "party men" because they like to "party hard" themselves. Now they have two executives that are going to cost them a lot when the legal actions are over and people have one more reason to not want to own their stock.
Acceptable business deportment is pretty conservative these days. Everyone is risk adverse and you are being judged at the Christmas party.
If you really don't like to attend the office christmas party - the best excuse is that you are on holiday. I used that at one workplace after attending the office party the first year.
Just read your reply now. Totally agree. (wow did I just write that?!lol

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