means Raising a glass and saying a few words to honor, celebrate, or wish well to someone or something.

from From the toast you eat — Old French 'toster,' from Latin 'tostare,' to scorch or roast. The drinking sense really does come from bread: in the 17th century it was common to drop a piece of spiced or browned toast into a cup of wine to improve the flavor. By extension, the lady or person whose health was being honored became 'the toast' that flavored the gathering — and raising a glass to her became 'toasting.'