lackieren
to lacquer
To coat a surface with a layer of lacquer, paint, or a similar protective substance.
Er will die alten Holzstühle neu lackieren.
He wants to lacquer the old wooden chairs again.

to lacquer / to trick / to get drunk
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to lacquer
To coat a surface with a layer of lacquer, paint, or a similar protective substance.
Er will die alten Holzstühle neu lackieren.
He wants to lacquer the old wooden chairs again.

The verb 'lackieren' (to lacquer) is derived directly from the noun 'der Lack' (lacquer/varnish). It describes the action of coating something with lacquer.
Für diese Tür brauchen wir einen wetterfesten Lack.
We need a weather-resistant lacquer for this door.
Only the meaning 'eine Oberfläche mit Lack überziehen' (to coat a surface with lacquer) is neutral and literal. The meanings 'jemanden täuschen' (to deceive someone) and 'Alkohol trinken' (to drink alcohol) are purely colloquial and should be avoided in formal situations.
Die Werkstatt muss den Kratzer im Auto neu lackieren.
The repair shop has to repaint the scratch on the car.
In its literal meaning, 'lackieren' (to lacquer) is often used for specific objects. Typical phrases are: 'ein Auto lackieren' (to paint a car), 'Möbel lackieren' (to lacquer furniture), 'die Fingernägel lackieren' (to paint one's fingernails), or 'Holz lackieren' (to lacquer wood).
Sie lässt sich vor der Party die Fingernägel rot lackieren.
She is having her fingernails painted red before the party.
The colloquial expression for 'sich betrinken' (to get drunk) has a fixed structure: 'sich (Dativ) einen lackieren'. The word 'einen' is a fixed part of the idiom.
Nach der harten Woche will er sich am Freitagabend mit Freunden einen lackieren.
After the hard week, he wants to get drunk with friends on Friday evening.
to drink
'trinken' and 'sich einen lackieren' can both have to do with alcohol. 'trinken' is neutral and can simply mean that someone consumes alcohol. Depending on the context, it can also mean that someone drinks alcohol regularly or too much. 'sich einen lackieren', on the other hand, is very casual and colloquial. It means that someone drinks alcohol, often with the idea of getting drunk. In normal or polite situations, 'trinken' is much more appropriate; 'sich einen lackieren' is more suitable among friends or in informal language.

Nach dem Spiel haben wir uns mit den Freunden einen lackiert.
After the game, we got drunk with our friends.
In der Pause trinkt niemand Alkohol, weil alle noch arbeiten müssen.
During the break, no one drinks alcohol because everyone still has to work.