It doesn't mean anything other than it's the name of the bar in Quahog.
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Peter Griffin doesn't own a pub/bar.The bar he frequents with Joe and Glen is "The Drunken Clam"
John G. Brennan. he also voices Horace, the bartender of the Drunken Clam.
Kelsey's then Archies Place
"One Foot In Front of the Other" by Bone Symphony
"A toast to the drunken clam, boys, where they don't ask for proof of age and neither do I." -Quagmire.