The term Peter uses here is literally overflow of wine.
Scripture says repeatedly that there is nothing wrong or sinful in wine itself. Abundance of wine is listed as a blessing (Deuteronomy 7:13; Deuteronomy 11:13–14; Joel 2:18–19). But uncontrolled use of wine (or of anything) is sin before God. This is what Peter is describing here.
3 For the time that is past suffices for doing what the Gentiles want to do, living in sensuality, passions, drunkenness, orgies, drinking parties, and lawless idolatry.