Hi Velumani
Insults are injuries to one's self respect, even more so if it happens in front of others...
Why don't you talk to your boss about it when he is relatively in sober mood...inform him that such insults are actually affecting your performance and morale...
If it is happening time and again, better late than never and discuss the matter openly with him, and if the behavior continues in the same manner...then as suggested by Shekhar Suresh escalate the issue, but just be prepared that sometimes that can backfire too..
Go to this link...hope it helps..there are people who have shared their own stories and solutions...
http://citeman.com <link updated to site home>
Regards,