Look carefully then how you walk, not as unwise but as wise, making the best use of the time, because the days are evil. Therefore do not be foolish, but understand what the will of the Lord is. And do not get drunk with wine, for that is debauchery, but be filled with the Spirit, addressing one another in psalms and hymns and spiritual songs, singing and making melody to the Lord with your heart, giving thanks always and for everything to God the Father in the name of our Lord Jesus Christ, submitting to one another out of reverence for Christ.
Watch yourself! This is not telling us to look at others, monitor their behavior, and report to the authorities when warranted. It is telling us to watch our own walk. Be smart. Make good use of your time and effort. Why? Because we live in an evil time. Don't be stupid! Understand what God's will is, and it is to do exactly what Paul just wrote, check your own behavior, motivations, and lifestyle.
Don't get drunk with wine. Don't try to escape the issues that surround you, but do it in a manner that is spirit led. Focus on God at all times, and in all manner of communication. Give thanks in all circumstance, remembering what Christ did on your behalf!