If done properly it could work, but I don't want it to get all cheesy like the vast majority of US ads.
Drinks (alcoholic & non) and Snacks could be realistically done in pseudo-reality games (Uncharted, Metal Gear Solid, Splinter Cell, Alan Wake, Resident Evil and even Mass Effect to some extent). With these types of games just having real world branded items in the scenery like Macs in MGS4 or Sony TVs in Uncharted 2 or having Coke as the only Soft drink seen in a game and is purchasable. Or actually have stuff like Starbucks where you can order coffee as well as find sub-quests in Mass Effect (Starbucks goes galactic!) instead of just independent and fictional bars. As soon as the characters start saying stuff like "Mmmm... I love Coke-cola" then it becomes too invasive. It needs to be subtle, but present.
Also, online games can have advertising for real-world events, like the release of a new Sci-Fi film in a Sci-Fi style MMO that can be updated in real-time. They may already have this, but as I don't play MMOs I'm not too sure.
You could also advertise certain older beers by having them in taverns in fantasy RPGs as buyable drinks. Go into a French style tavern and order "Un Stella Artois" could work.