From IvanWiki

General

Liquids are a class of material which is generally found in bottles. They have a variety of uses, depending on the fluid; most are activated by consuming them. Consumption effects can also be triggered by being struck by a weapon coated in a fluid. All liquids will cure you of exhaustion when consumed. Ferrous materials, such as iron, will gradually rust when coated in these materials.

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Specific Uses

• Water: Water can be obtained by dipping empty bottles in fountains. Water does not have any special effect. Bottles filled from fountains do not carry fountain effects. In addition fountains will never empty if you fill bottles from them.
• Acid: Acidic fluids, such as sulphuric acid and dark frog blood, destroy any material they come in contact with. These fluids are particularly dangerous. Consuming them will cause your head and torso to take severe damage almost instantly, and they will continue to take damage for a long period of time. They are best thrown at enemies and walls. You can also dip your weapon in them, though most weapons will quickly break and then be destroyed. Whips are the only exception, as they do not have a broken state, and thus cannot be destroyed. Whips coated in acid are extremely deadly.
• Poison: Poisonous fluids, such as poison and spider blood, cause those who consume it or who are struck by weapons coated in it to become poisoned. Consumption of these fluids is generally fatal. They are best used by dipping a weapon in them.
• Alcohol: Alcoholic fluids, such as vodka and valdemar, will cause you to become Confused when consumed. They can also explode, though not very strongly. Alcoholic fluids can also clear the Panicked state. You can also give alcohol to guards, making them drunk.
• Healing: Healing fluids, such as healing liquid and trolls blood, will cause you to heal when consumed. Do not dip your weapons in these fluids. These fluids can be made more useful by dipping empty bottles in them, to split them into two half-full bottles, since a full bottle is often more fluid than needed and takes longer to consume.
  • Trolls blood is also highly satiating in comparison to most fluids, and can be used as an emergency source of food.
• Ommel: Ommel fluids increase stats. They are extremely rare. Most also emit light. Doing anything with these fluids other than consuming them is a waste.