Free on bail -- it means celebratory drink (8)
I believe the answer is:
libation
'celebratory drink' is the definition.
'libation' can be an answer for 'drink' (libation is a kind of drink). I'm unsure of the 'celebratory' bit.
'free on bail it' is the wordplay.
'free' indicates anagramming the letters.
'on'+'bail'+'it'='onbailit'
'onbailit' anagrammed gives 'LIBATION'.
'means' acts as a link.
Can you help me to learn more?
(Other definitions for libation that I've seen before include "A serving of an alcoholic beverage" , "offering of wine" , "Drink-offering" , "Drink poured out as offering to God" , "Drink poured as offering to the gods" .)