I wrote something recently on how I interpret psychedelics (link below). See also my older one on Jesus as a neo-shaman, and the one on the religious suppression of spiritual epiphanies.
The short answer is that I adopt a naturalistic perspective on the hallucinations. So I think what happens when we're on these drugs is that we're exploring the unconscious mind and engaging in creative self-therapy, as well as shifting our mindset and casting doubt on social conventions. These drugs supercharge the perennial counterculture, although I don't think they're necessary.