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.
From Affogato LLC:
Top Shelf Drinks for iPhone is your guide to more than 4500 high quality cocktail recipes. It includes both popular and lesser-known drinks, with 65 classics already set up as favorites for quick access. Simple (but powerful) editing capabilities allow you to add your own recipes or tweak ours to your liking. Search for and find drinks by name, or explore combinations of ingredients in our ingredients browser. For a bit of fun, try Random mode and see what you come up with. When you find a recipe you enjoy, mark it as a favorite, add some notes for future reference, or email it to your friends.
What's new in this version:
Version 2.1.1 has updated the requirements to specify iPhone OS 3.0.