what is theside affects of drinking and taking xanax

Nothing fun. Xanax causes, like all anti-anxiety drugs, CNS (central nervous system) depression, meaning that your breathing and heart rate decrease, among other things, in an effort to counter a false-cue adrenal release which is causing an anxiety attack. Alcohol causes these things as well, through a very similar mechinism. Too much CNS depression means you die. 

However, this all depends on how much you take. If you take 1mg a day and have two drinks, it won't be enough to really effect you, but you if have the drinks soon after taking the pill, you may notice you get drunk faster/differently. If you take a handful and drink a few beers, you will pass out and wake up in an emergency room, if at all. 

Basically, if you're taking a prescribed dosage and drinking little to moderately, you'll be fine. If you're trying to use Xanax as a party drug, don't. It's too dangerous and the effects aren't good enough for the risk taken.