Drain beer and have toast (5)
I believe the answer is:
brown
'toast' is the definition.
(to toast something is to brown it)
'drain beer and have' is the wordplay.
'drain' suggests removing the centre (I've seen 'drained' mean this).
'and' says to put letters next to each other.
'have' becomes 'own' (to have something is to own it).
'beer' with its middle taken out is 'br'.
'br'+'own'='BROWN'
(Other definitions for brown that I've seen before include "Mixture of red, yellow and blue" , "cook to a rich colour?" , "Suntanned; sort of bear/study" , "After half portion of bran, have" , "Former PM" .)