Are you punishing her for drinking or the photos?

I would ask her what she thought was an appropriate punishment - she may surprise you.

to limit opportunities - I don't do sleepovers after parties. I pick up and drop off at parties and if I know there will be drinking I speak to the parents and let them know I do NOT permit my child to drink. I also know who is holding any "parties", she wasn't allowed to random people houses.
I built relationships will parents of my childs friends. I made my position clear to them, and they did the same.

Im tired, sorry for the lack of words...