1. To drink or to propose a tribute and libation for someone and to honor that person with a speech and a drink: They all toasted the winner of the computer programming contest.

In Scotland, a new project in the Scotch producing region of Speyside plans to take the waste from the whiskey-making process and turn it into electrical power; so, in a few years, some 9,000 homeowners may be able to toast their new source of electricity over and over again.

2. To make food; such as, bread crisp and brown by heating it: Jillian toasted the bread in a toaster for breakfast.
3. To warm oneself, or a part of the body, by being close to a fire or some other source of heat: Earl was toasting his cold feet in front of the fireplace.