Something suitably said as Sarah consumed the excellent punch (5)

I believe the answer is:

skoal

I'm a little stuck... Click here to teach me more about this clue!

'something suitably said' is the definition.
I can't judge whether this definition defines the answer.

'sarah consumed the excellent punch' is the wordplay.
'sarah' becomes 'Sal' (Sally is a common pet form of Sarah).
'consumed' is an insertion indicator.
'the excellent punch' becomes 'ko' (KO punch is an example. I am not sure about the 'excellent' bit.).
'sal' going around 'ko' is 'SKOAL'.

'as' is the link.

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I've seen this clue in the Evening Standard.

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