Liquid drops and vibrations are ubiquitous in both everyday life and technology, and their combination can often result in fascinating physical phenomena opening up intriguing opportunities for practical applications in biology, medicine, chemistry, and photonics. Here we study, theoretically and experimentally, the response of pancake-shaped liquid drops supported by a solid plate that vertically vibrates at a single, low acoustic range frequency. When the vibration amplitudes are small, the primary response of the drop is harmonic at the frequency of the vibration. However, as the amplitude increases, the half-frequency subharmonic Faraday waves are excited parametrically on the drop surface. We develop a simple hydrodynamic model of a one-dimensional liquid drop to analytically determine the amplitudes of the harmonic and the first superharmonic components of the linear response of the drop. In the nonlinear regime, our numerical analysis reveals an intriguing cascade of instabilities leading to the onset of subharmonic Faraday waves, their modulation instability, and chaotic regimes with broadband power spectra. We show that the nonlinear response is highly sensitive to the ratio of the drop size and Faraday wavelength. The primary bifurcation of the harmonic waves is shown to be dominated by a period-doubling bifurcation, when the drop height is comparable with the width of the viscous boundary layer. Experimental results conducted using low-viscosity ethanol and high-viscocity canola oil drops vibrated at 70Hz are in qualitative agreement with the predictions of our modeling.