Source : Webster's Revised Unabridged Dictionary (1913)

Elixir \E*lix"ir\, n. [F. ['e]lixir, Sp. elixir, Ar. eliks[=i]r
   the philosopher's stone, prob. from Gr. ? dry, (hence
   probably) a dry powder; cf. Skr. ksh[=a] to burn.]
   1. (Med.) A tincture with more than one base; a compound
      tincture or medicine, composed of various substances, held
      in solution by alcohol in some form.

   2. (Alchemy) An imaginary liquor capable of transmuting
      metals into gold; also, one for producing life
      indefinitely; as, elixir vit[ae], or the elixir of life.

   3. The refined spirit; the quintessence.

            The . . . elixir of worldly delights. --South.

   4. Any cordial or substance which invigorates.

            The grand elixir, to support the spirits of human
            nature.                               --Addison.

Source : WordNet®

elixir
     n 1: a sweet flavored liquid (usually containing a small amount
          of alcohol) used in compounding medicines to be taken by
          mouth in order to mask an unpleasant taste
     2: a substance believed to cure all ills