It has been firmly established that opening and closing the eyes strongly modulate the electro- and magnetoencephalography (EEG and MEG) signals acquired during wakeful rest. Certain features of the resting EEG are altered in chronic alcoholics and their offspring, and have been proposed as biomarkers for alcoholism. Spontaneous brain oscillations are also affected by pharmacological manipulations, but the spectral and spatial characteristics of these changes are not clear. This study examined effects of the eyes-open (EO) and eyes-closed (EC) resting paradigm and alcohol challenge on the spatial profile of spontaneous MEG and EEG oscillations. Whole-head MEG and scalp EEG signals were acquired simultaneously from healthy social drinkers (n = 17) who participated in both alcohol (0.6 g/kg ethanol for men, 0.55 g/kg for women) and placebo conditions in a counterbalanced design. Power of the signal was calculated with Fast Fourier Transform and was decomposed into its constituent theta (4-7 Hz), alpha (8-12 Hz), and beta (15-20 Hz) frequency bands. High-resolution structural MRI images were additionally obtained from all participants and used to constrain distributed minimum norm inverse source power estimates. The spatial estimates of the main generator nodes were in agreement with studies using a combined fMRI-EEG approach. Alpha band oscillations dominated the spectral profile and their source was estimated to the medial parieto-occipital area. Power in theta and beta bands was weaker overall and their sources were estimated to a more focal medial prefrontal area. EO and EC manipulation most strongly modulated power in the alpha band, but a wide-band power increase was observed during the EC condition. Alcohol intoxication increased alpha power, particularly during the EC condition. Application of this methodology to cohorts of chronic alcoholics or individuals at risk could potentially provide insight into the neural basis of oscillatory differences that may be predictive of the vulnerability to alcoholism.