The incident has prompted a call for Dunedin to have a dedicated detox centre for drunks.
Senior Sergeant Brian Benn said officers came across the 20-year-old woman - who was covered in paint from a party attended by more than 2000 people - in Wharf St near the Steamer Basin at 1.30am.
Officers rushed her to Dunedin Hospital, as she was "quite hypothermic", struggling to breathe and was at risk of choking on her own vomit.
It was ''appalling'' the young woman, who was unable even to give her name, had been left to wander off alone near an area which had claimed the life of another student, he said.
On July 20, 2009, Regan McCormack (20) fell into Otago Harbour and drowned.
The woman found yesterday told the Otago Daily Times she had "way too much" wine and cider at a student flat before the party and could not recall the incident. She acknowledged she "was very lucky", and urged others to watch their alcohol intake and to look after their friends.
"I have learnt my lesson."
Snr Sgt Benn said Dunedin police dealt regularly with "highly intoxicated" people every Friday and Saturday night, and he supported a detox centre to free up police resources.
"A detox centre is a much better option for giving people the right care than a police cell. They haven't committed an offence, so why are they in a police cell?"
A Southern District Health Board spokesman declined to answer questions about a possible detox centre for Dunedin.
Police were kept busy but made no arrests after the Illuminate Paint Party, attended mainly by students, at the Edgar Centre on Tuesday night. Centre general manager Blair Crawford said he was "initially nervous" about the event, but professional cleaners were able to remove the water-based paint in time for a basketball game last night.
Dunedin police alcohol harm reduction officer Sergeant Ian Paulin said the event, which previously had been held on campus, was well run apart from a delay in transporting people by bus.
Police increased patrols in the area, which was "isolated from campus, but ... a risk".
It was "very fortunate" the paint-covered woman was spotted by officers.
"A key message is stick with your friends and make sure they get home safely, because this could have been a fatality, quite easily," Sgt Paulin said.
