I had a couple drinks and then two or three hours later i took .5 of xanax. am i going to be ok?

The time needed for 1/2 the alcohol to leave your system is ~ 2 hrs. The combination can have an additive effect at reducing awareness and motor function. It is likely you will be okay if you do not plan to drive.

For the short term you are okay. Alcohol is a poison that never did anybody any good, ever, so stay away from it. It will destroy your brain cells, facilitate development of cancer in many organs, including breast, cause hepatitis, cirrhosis and pancreatitis etc. There is no safe level of alcohol intake. Quit while you are ahead.