Definitions of toast:

• noun:   slices of bread that have been toasted
• noun:   a celebrity who receives much accalim and attention

  Example: "He was the toast of the town"

• noun:   a drink in honor of or to the health of a person or event
• noun:   a person in desperate straits; someone doomed

  Example: "One mistake and you're toast"

• verb:   make brown and crisp by heating

  Example: "Toast bread"

• verb:   propose a toast to

  Example: "Let us toast the birthday girl!"