Wassail

Noun

 * 1) A toast to health, usually at a festival.
 * 2) The beverage served during a wassail.
 * 3) Revelry.

Verb

 * 1)  To toast, to drink to the health of another.
 * The next morning he much regretted the gusto with which he had wassailed the night before.
 * 1)  To drink wassail.

Thesaurus
bacchanal, bacchanalia, bacchanalian, bat, bender, binge, bout, bust, carousal, carouse, celebration, compotation, debauch, drinking bout, drunk, drunken carousal, frolic, guzzle, hell, high jinks, jag, orgy, potation, pub-crawl, revel, revelment, riot, roister, skylarking, soak, spree, symposium, tear, toot, whoopee

Noun

 * Welsh: