Weird History Food is crackin' open a 40-ouncer and pouring out some Malt Liquor History. Some of us might have flashbacks to college and drink either Olde English, St. Ides, or some smooth Colt 45. But is malt liquor actually beer? Do people still drink malt liquor? Some of our favorite musicians from the 90s were definitely singing the praises of this tasty beverage. Oh, the 90s, it's so hard to say goodbye to yesterday.