Which meaning is correct?
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This phrase "I'm pissed" is in question.
Does it mean "I got drunk" or "I'm angry"?
Or does it depend on the way of expression?
Does it mean "I got drunk" or "I'm angry"?
Or does it depend on the way of expression?

"I'm pissed off at her, she never listens!"
It's more of a rough language, you would never use that word in formal writing. I would say it's around the rudeness level of the word "hell", not as bad as like "fuck".
means "he's angry". here in the uk, "he's pissed" means
"he's drunk" and "he's pissed off" means "he's angry".
so there seems to be some overlap.
>> http://www.jomiller.com/guide/
Or does it depend on the situation?
"pissed off".
But for me it is fine to say something like "I'm so pissed at Jessica. She's always letting me down."
I think for drunk, people around me tend to say "wasted." "Jessica drank so much last night. She was totally wasted."
The phrase "I'm pissed" is in question.
This sounds pretty formal.
How about, I can't get my head around the phrase, "I'm pissed."
Or: Can you help me out with the phrase, "I'm pissed."
Or does it depend on how it's expressed?
Alternative: Does it depend on the way it's said?
"He's pissed again," means he's drunk in the UK, but he's angry in the US. Both are very commonly used.
I know you like raw expressions, so here's some other "piss" related slang you often hear in the UK:
"Piss!" - "Damn!"
"Don't piss around!" - "Behave!"
"I feel like I'm pissing against the wind." - "I'm making no progress."
"Don't piss away your money." - "Don't waste your money."
"That was piss easy." - "That was really easy."
"The way you treated her was piss-poor." - "The way you treated her was very bad."
"Are you taking the piss?" - "Are you making a fool of me?"
"I pissed myself laughing." - "That was really funny."
"It's pissing down." - "It's raining hard."
"Piss off!" - "Go away!"
"He really pisses me off." - "He makes me angry."
"piss-ant": euphonic shift from peasant - やろう
I've never heard of the first one. I thought "piss-ant" was a little too rough, don't you think? I'm sure I would get a hefty punch to the face if I called someone that. At least I would in the places I grew up in.
I'm not sure if it came across, but I was being a little tongue in cheek :)
To be honest, I don't know anyone who *regulary* refers to themselves as おれ and others as おまえ, so you might be right. I know plenty of respectable guys who use those expressions when they are in the 居酒屋 but I find it hard to imagine any of them using anything stronger.
Anyway, I can't quite believe I'm sitting here writing about "piss" idioms. What a strange world the Internet is.
All the best.