I see this word libation commonly used, to denote a social drink taken together by friends. This usage indicates, to me, an inadequate acquaintance with the etymology of the word. A libation is a sacrificial drink, offered to a god: it is poured on to the god’s altar from a shallow dish called a patera. It isn’t drunk by humans. my suggestion for a social drink taken together by friends, would be compotation --- just as good a word for showing off, and much more accurate linguistically.
Lionello, I appreciate the edification, and I concur. Also, I was familiar with the word, potation, but not compotation; a more grandiloquent word, thanks.
Note: I’ve revised my previous comment and substituted libation with the more appropriate compotation, which adds to the list of lost and obscure words.