"You and I drink wine."
Translation:Io e te beviamo vino.
You are right. "Io e te" is an exception to the rule. It should be "Io e tu" but it's today felt incorrect, and I'm pretty positive that grammars books consider "Io e tu" incorrect as well. This exception is valid only with this exact expression. If you revert the two pronouns, you should say "Tu ed io" ("Tu e me" and "Te ed io" are incorrect, although you could hear the latter in regional dialects).
I wrote 'Te e io beviamo del vino' and it was accepted.. but it seems to be wrong on more than one level.
quando saremo cinquanta a chiederci perchè i soggetti vengono sempre invertiti, forse qualcuno ci risponderà, nel frattempo invertiamoli!
For any people that have studied French, I think that in Italian "ti" is "te" in French and "te" is toi" in French as well. So, in French, one would say "Moi et toi nous buvons du vin"
None of the three options is correct as the order is YOU and I, not I and you as the translation suggests (whatever the correct idiomatic way of expressing I and You