"Estamos bebiendo vino."
Translation:We are drinking wine.
'estamos bebiendo vino' specifically says 'we are drinking wine', while 'bebemos vino' could mean either 'we drink wine' OR 'we are drinking wine', depending on the context. Also, using 'bebiendo' makes it sound more immediate.
Couldn't it also have been "bebemos" because we don't know whether or not it's preterite?