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Wallace's Australia Day ride on the cooler outside the Camden Hotel was caught on video and posted to the hotel's official Facebook page, where it quickly went viral.
Police stopped Wallace some time after the video and his blood-alcohol content was measured at 0.162, nearly three times the legal limit.
Wallace's lawyer said his client, who was not present, admits to driving the cooler while intoxicated, but he plans to fight charges of operating an unregistered and uninsured motor vehicle when the case returns to court in April.