It tastes like whatever you put in it but milder. Jack Daniels is nice and so is tequilla. Do enough of it and you'll feel the effects. It's just a bit of fun... Something to show your mates. I'm no doctor but I can't see how it's any more dangerous than having a liquid shot.
Big balls! Brilliant!
Not fake... Look at other films done with a GoPro or other helmet mounted camera. They all have a strange static feel to them.