The Collaborative International Dictionary of English v.0.48:

Ratafia \Rat`a*fi"a\ (r[a^]t`[.a]*f[=e]"[.a]), n. [F., fr. Malay
   arak arrack + t[=a]f[imac]a a spirit distilled from
   molasses.]
   A spirituous liquor flavored with the kernels of cherries,
   apricots, peaches, or other fruit, spiced, and sweetened with
   sugar; -- a term applied to the liqueurs called noyau,
   cura[,c]ao, etc. [Written also ratifia and ratafee.]
   [1913 Webster]

WordNet (r) 3.0 (2006):

ratafia
    n 1: sweet liqueur made from wine and brandy flavored with plum
         or peach or apricot kernels and bitter almonds [syn:
         ratafia, ratafee]
    2: macaroon flavored with ratafia liqueur [syn: ratafia,
       ratafia biscuit]