wassail

[Middle English, contraction of 'wæshæil', be healthy, from Old Norse 'ves heill', 'ves', be (imperative), + 'heill', healthy]

n.
1. A salutation or toast given in drinking someone's health or as an expression of good will at a festivity.
2. The drink used in such toasting, commonly ale or wine spiced with roasted apples and sugar.
3. A festivity characterized by much drinking.