This, of course, has to do with loud exclamations during a dinner parties held for various reasons, not any sort of toasted bread recipe favored by Ancient Romans. We don't have a definitive collection of Latin toasts from the times of Ancient Rome. The phrases chosen here come from a variety of sources: medieval sayings, classical authors and modern usage. Nunc est bibendum, for instance, while at least medievl in origin, has been popularized by Michelin Man (Tyre Man) advertising. Feel free to use them if the occasion is right!
Ad finem esto fidelis - Be faithful to the end.
Amor patriae - The love of our country.
Bene vobis! - May it be well with you!
Dilige amicos - Love your friends.
Dum vivimus vivamus - Let us live while we live.
Esto perpetua - Be thou perpetual.
Nunc est bibendum - Now, let us drink!
Palmam qid meruit ferate - Let him who has won bear the palm.
Pro aris et focis - For our altars and fireside.
Propino tibi! - I drink to you!
Propino tibi salutem! - I drink to your health! (Along with the previous toast, this one is still used in Italy, although it may only be known since the Middle Ages)
Prosit! - To your good fortune! May things go well for you (commonly used in German speaking countries, shortend to "Prost!")
Salutaria! - This roughly equates to "Cheers!" in meaning.
Vox populi vox Dei - The voice of the people is the voice of God (probably a good toast for a politician on an election night).
See also Funny mottos in Latin, Bible verses in Latin