"Ma'am, drink this red wine!"
Translation:Señora, ¡beba este vino tinto!
No, the exclamation points indicate this is a command, not an observation. Beba or tome are both accepted here.
In the imperative (imperativo) form, the usted conjugation of beber is "beba". "Señora" indicates that the usted form should be used. However, if you were addressing a child, for example, it would be: "Chico, ¡bebe este jugo!"
You can call another adult tú, but then you wouldn't also address them as "señora." You have to pick one level of formality and stick to it through the whole sentence.
Also, preferred levels of formality differ from country to country. E.g. in the Netherlands there are situations where you may use the first name, but still should stick to the Dutch equivalent of usted. A while back I spoke with a Mexican who told me that in Spain people are much more likely to choose the polite form than in Mexico.
Why do I need the ‘yo’ form? Totally confused now as I thought it would be the usted form bebe