I'm astounded you would let him fly intoxicated... unless maybe I misread your post. If the captain doesn't call sick, you tell him you're calling the company right then and there and advise them of the entire situation. And you, as FO, absolutely refuse to fly with him under any circumstances.
Maybe the answer is different at another airline, but I did a year's worth of interviews with AA and that was one of our questions we'd ask among a few others posted here on this thread.
I'm simply telling you what AA wanted you to do. I have a hard time thinking it would be any different for any other US carrier.
K