The Collaborative International Dictionary of English v.0.48:

Drinking \Drink"ing\, n.
   1. The act of one who drinks; the act of imbibing.
      [1913 Webster]

   2. The practice of partaking to excess of intoxicating
      liquors.
      [1913 Webster]

   3. An entertainment with liquors; a carousal.
      [1913 Webster]

   Note: Drinking is used adjectively, or as the first part of a
         compound; as, a drinking song, drinking cup, drinking
         glass, drinking house, etc.
         [1913 Webster]

   Drinking horn, a drinking vessel made of a horn.
      [1913 Webster]