I think that one thing that ALL of us have to agree to is - there is no way to know WHAT the Mayor is smoking in his pipe... yet. Based on the actions, the statements, and the newspaper reports (such as Towhey calling the cops when Price said he knows the video's location), it is safe to say that there is a video of some kind, and the mayor's office would appear to know that it will be damaging and/or incriminating - and worth burying/hiding.
But for the sake of the people saying "You can't accuse him of smoking crack until you've seen it and/or he confesses" - they are completely right in that we can't accuse him of smoking crack.
From my second-hand understanding of the neurological effects of drugs, it is far more likely that he is smoking Hash or Meth, or even heroin. They are all downers - and crack is a major upper. I believe that he wouldn't be slumped in his chair, rambling and trailing off, if he was smoking crack.