Well guys probably 'prefer' them because theyb are more social and flirty. Also depends on the king of guy, I personally would like a girl who doesn't "party hard" because a lot of people I know start making out with random people when they are relationships. I don't know I wouldn't like worrying about it, and people go pretty nuts around here..
I'll take the quiet and cute girl any day. I like to let loose once in a while but most of the time I'd rather relax and watch a movie or just talk. After about the third night in a row of partying with the crazy girl I'd be tired of it.
Usually the hot girl. Especially if she parties and drinks. That means he's more likely to score. The cute girl who hardly parties and drinks is most likely going to want commitment, which isn't what young men in their sexual primes are looking for.
Guys don't know what they want until they are dating the girl. The cute girl may be too hibited for them. A party girl is more outgoing, laughs at neurotic jokes and willing to try new things. Guys appreciate that.
School depends on whether the guy is in school or not and they'd prefer one who hardly parties I guess. I'm sure they'd still like a crazy girl in certain situations. Drink - meh, some do and some don't, just depends what they're into but they wouldn't want a girl to get carried away with it.