I don't enjoy babsiting drunk friends

Hi,
Yes, set the house rules and she'll have to obey (just as she is doing to her daughter's rules).  On top of it you MUST discuss it with her, open and deep, as best friends should do.  Tell her what you think of her drinking habbits and how you feel about it and at the same time tell her she is too dear to you and you don't want to hurt your friendship... Try to work out, with her, a satisfying solution. 
Best regards,

One of the worst things you can do is stay quite. You have to talk about it. Tell her you feel you are a bit over the college drinking habits and you don't mind drinking in bars or whatever but in a more responsible way. Obviously she is coming to your house to escape from something and relax as a friend you should understand this but you have the right to set your conditions.