wassail

(noun) a punch made of sweetened ale or wine heated with spices and roasted apples; especially at Christmas.

(verb) celebrate noisily, often indulging in drinking; engage in uproarious festivities. Synonyms: revel, racket, make whoopie, make merry, make happy, whoop it up, jollify. Examples: "The members of the wedding party made merry all night." "Let's whoop it up--the boss is gone!."

(verb) propose a toast to. Synonyms: toast, drink, pledge, salute. Examples: "Let us toast the birthday girl!." "Let's drink to the new year."