Meaning of the verb 'snort' in a sharp dialog

I could not figure out the meaning of the verb 'snort' implied in Sir Elton John's reply to Lily Allen during some award ceremony, after her disrespectful comment on his age. He said:

I could still snort you under the table

The context for this reply, in their public conversation was:

...and now the most important part of the night (Lily)
What? Are you going to have another drink? (Elton)
F*** off Elton. I am 40 years younger than you and have my whole life ahead of me! (Lily)
I could still snort you under the table. (Elton)
F*** off. I don't know what you are talking about. (Lily)

(There's a link to the video with this dialog: http://www.dailymail.co.uk/tvshowbiz/article-1051912/I-snort-table-Eltons-shocking-reply-worse-wear-Lily-verbally-assaults-onstage.html)

I could just find 'snort' related to sniffing cocaine, thus being not able to grasp the meaning he wanted with his reply. Any help is appreciated. Thanks!

You are correct, this does refer to snorting cocaine. There is an expression, "to drink [someone] under the table," which means one person's tolerance for alcohol is so high that, if two people drink the same amount, the other will end up unconscious under the table.

The version here, "to snort [someone] under the table" means the one person can handle more cocaine than the other.