If its bubbling that bad you may want to add a blow off tube into a glass of sanitized water (I use a pasta sauce jar with a hole in the top) so you do have to stay up all night adding water...as for the ABV I think you will be just fine
Awww, its FAAAAAAAR from my favorite, maybe not even a good beer, but its my standard "party beer" dirt cheap and beats the hell out of BMC.....havent gotten a skunked one yet....