Ethanol, or Ethyl Alcohol (or any alcohol), is a solvent. If you put buds, or trim, in ethanol, or any other solvent, it will disolve the trich heads, leaving you with oil at the end, wether you filter with bubblebags (not recommended, poor bags), window screen, or coffee filter. The only variation I have seen besides water and ice in these bags is water and frozen CO2, think there was a thread somewhere here, but I can't seem to find it. I also dont recall that it was any better (only more expensive for the dry ice) than regular ice and water.

PS, I did have a friend accidentally throw in about a cup or 2 of iso in with his hash mixing water, and he ended up with a wierd sticky hash that I did not enjoy smoking that much. Also not reccomended (poor hash).