Definition of toasts:
(n) :
(chiefly uncountable) Bread that has been toasted (cooked lightly by browning).
(n) :
(countable) A proposed salutation (e.g. saying "cheers") while drinking alcohol.
(n) :
(countable) A person, group, or notable object to which a salutation with alcohol is made; a person or group held in similar esteem.
(v) :
(ambitransitive) To engage in a salutation, often with raising of the drinking vessel, while drinking an alcoholic beverage in honor of someone or something.
(v) :
(transitive) To cook lightly by browning via direct exposure to a fire or other heat source.
(v) :
(intransitive, specifically) To cook lightly by browning under a grill or in a toaster; to grill.