First off, just use everclear or bicardi 151 to extract the THC because that is much more efficient/usable than rubbing alcohol since you can drink it. You have to heat the buds/stems or whatever you are letting sit in the alcohol up to about 325 for a few minutes to convert THCA to THC (in a chemically usable form).
After the buds are heated, you can either opt to cook the buds in a drink cocktail of high-proof liquor, being careful to keep temperatures under 170 because then you are getting close to alcohol's boiling point and god knows what will happen when aeroslized alcohol and a flame or potential spark meet to make an invisible flame.
If you opt to just let it sit, you need to let that sit for at least 2 weeks to get most of the THC out. The heating process obviously is the same thing just sped up.
Once you are done, I recommend drinking a few drops depending on how strong your concoction was (how much alcohol you absorbed it with vs bud, whether you used mostly bud or stems, etc) and you should experience a pretty intense but awesome body high. The problem with
"green dragon" is that it takes about 1-2 hours to kick in, but once it's there it doesn't go away for at least 6 hours of being blithering stoned.
As for your friends idea of putting it on the bandaid, you should call him a moron because THC hits your brain and not an individual part of your body.