Etymology
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julep (n.)
late 14c., "syrupy drink in which medicine is given," from Old French julep (14c.), from Medieval Latin julapium, from Arabic julab, from Persian gulab "a sweet drink," also "rose water," from gul "rose" (related to Greek rhodon, Latin rosa; see rose (n.1)) + ab "water," from PIE root *ap- (2) "water" (for which see water (n.1)). As the name of an iced, sugared alcoholic drink flavored with mint, 1787, American English.
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mint (n.1)

aromatic herb, plant of the genus Mentha, Old English minte (8c.), from West Germanic *minta (source also of Old Saxon minta, Middle Dutch mente, Old High German minza, German Minze), a borrowing from Latin menta, mentha "mint," itself from Greek minthe, personified as a nymph transformed into an herb by Proserpine, which is probably a loan-word from a lost Mediterranean language. For mint-julep, see julep.

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water (n.1)
Origin and meaning of water

Old English wæter, from Proto-Germanic *watr- (source also of Old Saxon watar, Old Frisian wetir, Dutch water, Old High German wazzar, German Wasser, Old Norse vatn, Gothic wato "water"), from PIE *wod-or, suffixed form of root *wed- (1) "water; wet."

To keep (one's) head above water in the figurative sense is recorded from 1742. Water cooler is recorded from 1846; water polo from 1884; water torture from 1928. Linguists believe PIE had two root words for water: *ap- and *wed-. The first (preserved in Sanskrit apah as well as Punjab and julep) was "animate," referring to water as a living force; the latter referred to it as an inanimate substance. The same probably was true of fire (n.).

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