Definition

Either cheap, low-quality beer (especially malt liquor like a forty-ounce) or a creamy ice cream drink blended with malted milk powder. Context determines whether you're talking about budget beverages or a sweet treat.

Example Usage

We grabbed some malt from the corner store to pregame before heading to the club.

Source: Urban Dictionary (https://www.urbandictionary.com/define.php?term=malt&defid=1041303)