Wassail
WordNet
noun
(1) A punch made of sweetened ale or wine heated with spices and roasted apples; especially at Christmas
verb
(2) Propose a toast to
"Let us toast the birthday girl!"
"Let's drink to the New Year"
(3) 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!"