In just four short lines, the speaker describes being drunk and spotting someone in a crowd. The title tells us the state they're in, and the rest shows what that feels like from the inside. The other person appears "as though through clouds," blurred and hard to make out, while the speaker's own words come out slurred. Both seeing and speaking are going wrong at once.
The speaker seems to want to reach this person but can't quite manage it. The poem doesn't say who "you" is, so we're left guessing: a crush, an ex, or just a friend lost in the noise. Judging by the imagery, there's a sense of distance and frustration, as if the speaker is stuck behind a layer of fog.
The mood is dreamy but a little lonely. The simple rhymes (blurred and slurred, clouds and crowd) have a sing-song, wobbly rhythm that fits the woozy feeling, and the brevity makes the moment feel like a quick, hazy snapshot.