Here's a good way to become the most popular person at a party or bar--suggest and mix interesting cocktails. But if you're only interested in the most common drinks of our day, you may want to wait for version 2, which will feature more shots and modern drinks; this set will make the classics new again.
Regardless, Drinks for iPhone and iPod Touch is still one of the better bartending applications in its category, featuring great navigation to quickly get you to your favorites, the entire drinks library, or a search by mixers, liquor type, or garnish (in case you're unsure of what to do with that leftover peppermint candy.) The application boasts a search bar that suggests drinks as you type and a randomizer that picks a drink willy-nilly.
Why the Favorites section has to come preloaded with a long list of drinks that are definitely not our favorites remains a mystery, though drinks are easy enough to boot off the list. They're also easy to edit, and you can add and name as many new concoctions as you'd like.