An Elixir

1. (alchemy) A liquid which converts lead to gold.
2. (alchemy) A substance or liquid which is believed to cure all ills and give eternal life.
3. (by extension) The alleged cure for all ailments; cure-all, panacea.
4. (pharmacy) A sweet flavored liquid (usually containing a small amount of alcohol) used in compounding medicines to be taken by mouth in order to mask an unpleasant taste.