Ocean City is a wild place.

Make sure you head down the boardwalk, look for a bar called the "Purple Moose." Buy a shirt and ask for a drink called the "Purple Muther F*_ker". Good memories from that place.
Also depending on how wild you are, they have a tiki bar that has multiple floors and gets pretty wild on the weekends. The very top floor is a club and can be pretty fun as well.
One more thing- The buses run really late and are well worth it if you plan on drinking. Beware of the "bus flips".