The vapor could probably explode and the liquid will definitely burn vigorously. The main advantage of alcohol is that the vapors are lighter than air and will dissipate upward instead of collecting in the bilges of the vessel where they can become a time bomb, a characteristic of nearly all other fuels. Even a very small amount of gasoline can destroy or seriously damage a vessel if it collects in a small space.

I understand the flames will become visible if you add a small amount (10%) of water to the alcohol. I have never tried this.