Merriam-Webster Collegiate Dictionary - wassail

 I. noun  Etymology: Middle English w?s h?il, washayl, from Old Norse ves heill be well, from ves (imperativesingular of vera to be) + heill healthy — more at was, whole  Date: 12th century  1. an early English toast to someone's health  2. a hot drink that is made with wine, beer, or cider, spices, sugar, and usually baked apples and is traditionally served in a large bowl especially at Christmastime  3. riotous drinking ; revelry  II. verb  Date: 14th century  intransitive verb  1. to indulge in ~ ; carouse  2. dialect England to sing carols from house to house at Christmas  transitive verb to drink to the health or thriving of