Toast Shakespeare's character with drink (7,2)
I believe the answer is:
bottoms up
'toast' is the definition.
(I've seen this before)
'shakespeare's character with drink' is the wordplay.
'shakespeare's character' becomes 'bottom' (character in A Midsummer Night's Dream).
'with' is a charade indicator (letters next to each other).
'drink' becomes 'sup' (I've seen this before).
'bottom'+'sup'='BOTTOMS UP'
(Other definitions for bottoms up that I've seen before include "Cheers!" , "down it goes!" , "Your good health!" , "Down the hatch!" , "Toast" .)