Unlike English, German has no "-ing" form. So "Ich esse" means "I eat" <strong>and</strong> "I am eating". |This| is my error ;)
In german, are rubbing alcohol and beverage alcohol both refferred to as 'alkohol'?
Alkohol means exactly the same as alcohol:
A group of chemical compounds or, in the narrower sense, ethanol, which can be used for cleaning, combustion or consumption.
So yes, it could mean both depending on context.