The term 'Eat, Drink and Be Merry' is a popular phrase that has been used for centuries to encourage people to enjoy life and make the most of it. The two crossword solutions for this phrase are 'REVEL' (5 letters) and 'REGALE' (6 letters). REVEL means to take part in lively and noisy festivities, while REGALE means to entertain or amuse someone with talk or stories. Therefore, the phrase 'Eat, Drink and Be Merry' can be interpreted as an invitation to celebrate life and have fun with friends and family.