wassail

nouns

a punch made of sweetened ale or wine heated with spices and roasted apples; especially at Christmas
wassail
is a type of (narrower)
an iced mixed drink usually containing alcohol and prepared for multiple servings; normally served in a punch bowl
punch

verbs

celebrate noisily, often indulging in drinking; engage in uproarious festivities
"The members of the wedding party made merry all night"; "Let's whoop it up--the boss is gone!"
jollify, make happy, make merry, make whoopie, racket, revel, wassail, whoop it up
is derived from
wassailer
propose a toast to
"Let us toast the birthday girl!"; "Let's drink to the New Year"
drink, pledge, salute, toast, wassail
is derived from
wassailer