The drunks are feasting at a brothel while death pours his wine into the open mouth of one of them. Holbein depicts death as particularly jolly, joining in the revelry. But the type of entertainment that Death enjoys is not what the drunkards had in mind. This vignette can be seen as an extension of the previous vignette, which depicted gamblers.
Meanwhile the man's companions continue to party, ignoring the danger that their friend is in.
The fact that Death is killing the man by pouring a jug of wine down his throat is also a commentary on the consequences of excessive drinking.
Previous: The Gamblers
Next: The Idiot Fool
Holbein - the Dance of Death.
