Friend Drama: Wallow or Wiggle Away?

How involved do you get with your friends' lives? Do you support them in their time of trouble with a "there, there"? Take their side against all comers? Become emotionally invested in their struggles with third parties? I have a friend whose partner tired of her discussing the trials and travails of various friends and their drama, and sometimes I wonder if I too am too consumed with the interpersonal struggles of others. Does that consumption show that you're relatively caring and empathetic? Or is it just a waste of mental energy?