wassail

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

1. 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!"

2. propose a toast to;

"Let us toast the birthday girl!"

"Let's drink to the New Year"