You know it may be possible that my space is not an entirely accurate picture of how this kids life is. After all is myspace not just the locker room of our time? Who has not embellised a little as a teenager in order to look cool?
I wish that was the case, I talked to him yesterday and he admitted drinking and doing acid, he said he's not doing crack tho. I hope thats true. Sometimes I get so upset I just want to drag him to my house and keep him safe. 
Well Vern, you could do that.
But what effect would it have? Having him at your house isn't gouing to make him give up his lifestyle and want what you want for him, you're doing okay by giving him his space to work it all out and letting him know you're still there for him no matter what, consider the fact that he is taking to you about the drink and acid abuse as him placing a huge trust in you, not many kids would admit that to anyone, he's turning to you by telling you something that you could easily run to the police or his parents with in order to get taken away, it's a huge trust he's placing in you
I know it's really difficult, but try not to lecture him, by all means let him know you are not impressed by his lifestyle and see him as deserving better for himself, but for the most part, keep him close with the trust you share ... and good luck in helping to bring him back to a life that he really wants, I'm sure hes as mad as hell at himself for what he's doing, which is probably why he tells you