The Collaborative International Dictionary of English v.0.48:

Toast \Toast\, n. [OF. toste, or tost['e]e, toasted bread. See
   Toast, v.]
   1. Bread dried and browned before a fire, usually in slices;
      also, a kind of food prepared by putting slices of toasted
      bread into milk, gravy, etc.
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            My sober evening let the tankard bless,
            With toast embrowned, and fragrant nutmeg fraught.
                                                  --T. Warton.
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   2. A lady in honor of whom persons or a company are invited
      to drink; -- so called because toasts were formerly put
      into the liquor, as a great delicacy.
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            It now came to the time of Mr. Jones to give a toast
            . . . who could not refrain from mentioning his dear
            Sophia.                               --Fielding.
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   3. Hence, any person, especially a person of distinction, in
      honor of whom a health is drunk; hence, also, anything so
      commemorated; a sentiment, as "The land we live in," "The
      day we celebrate," etc.
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   Toast rack, a small rack or stand for a table, having
      partitions for holding slices of dry toast.
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