subs. phr. (old colloquial).A bumper; a carouse. Hence TO DRINK ALL OUT = to drain a bumper.
1530. PALSGRAVE, Langue Francoyse, 676. 2. I quaught, I DRINKE ALL OUT.
1542. BOORDE, Introduction of Knowledge, 151. There be many good felowes, the wyche wyll DRYNKE ALL OUT.
1611. COTGRAVE, Dictionarie, s.v. Alluz. ALL-OUT; or, a carouse fully drunke up.
1720. M. SHELTON, An Historical and Critical Essay on the True Rise of Nobility, 272. To say, Drink a Garaus which is to say ALL OUT.