Mythbusters (I love those guys) covered this in "Episode 33: Killer Brace Position and Cellphones vs Drunk Driving"
They determined that driving while talking on the phone was just as dangerous as driving while drunk but made sure to mention that you can PUT DOWN THE PHONE at any time whereas you cannot put down your blood alcohol content.
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Mythbusters (I love those guys) covered this in "Episode 33: Killer Brace Position and Cellphones vs Drunk Driving"
They determined that driving while talking on the phone was just as dangerous as driving while drunk but made sure to mention that you can PUT DOWN THE PHONE at any time whereas you cannot put down your blood alcohol content.