In real life, the crazy party photo you would be showing your friend would be on your phone's screen or (in olden days) it would be a hardcopy photograph. Putting your phone or the hardcopy photo back into your pocket would be the end. The potential for blowback would be limited to whatever could be whipped up by your friend's verbal description of what he'd seen.
Whenever you put anything on the Internet, though, there's not really any way to control its spread. Whatever privacy mechanisms a sharing/social site puts in place will be broken by crackers at some point or part of the system will break on its own and leak information. Long before that, though, one of the people you permitted to access the controlled content will simply copy it and share it with other people.
Don't put anything online that you wouldn't be comfortable with your grandma or work colleagues/boss reading.