Not if the word is the joke.

Okay, I'll kill the frog:

"Inebriation" is "drunk".

In English, prepending a word with "in" usually makes the word take opposite meaning. For instance, the word "correct" means right, the word "incorrect" means wrong.

So, "lack of ebriation" is a pun on the word "inebriation".

The remaining gag "nissed as a pewt" is a reference to how drunk people sometimes speak, mixing up the sounds of adjacent words. (Pissed as a newt).

And in case that one needs explaining, "pissed" also means drunk to English types. Of course, on our side of the pond, "pissed" means angry, but that's a completely different discussion.

Ick. I hate the smell of formaldehyde.