actually it might get you high.. you'd probably breathe in some methanol vapor (provided it didnt burn first or completely evaporate)... methanol does fuck you up, quite severely actually.. it's just incredibly toxic, causing blindness among other things. likewise formaldehyde, which is, in some ways, just skipping a step; methanol isn't actually toxic until it's metabolized into formaldehyde (and later, formic acid).
formaldehyde is quite reactive with biological molecules of several types. in fact, acetaldehyde, a metabolite of ethanol, is thought to be responsible for some of the more severe (i.e. opiate and NMDA-antagonist-like) effects of ethanol intoxication because it reacts with dopamine to form an opiate-like compound (which has a nice rhythmic name, dihydroxytetrahydroisoquinolone).
ethanol is an antidote for methanol (it forces the liver to metabolize the methanol more slowly, so the amount of toxic metabolites is lowered), but if you're dumb enough to expose yourself to methanol...
as i remember the dose of ethanol you need is fairly large.
now, as for this whole dipping things in formaldehyde and/or methanol bidness... this is just fucking stupid. worse than huffing glue. you might as well cut open your skull and touch a 9 volt battery to your brain.
remember that whole "acid/weed fucks you up because it kills your brain cells" myth? well, this time it's not a myth.