There are 5 kinds of elixir: Speed, damage, shielding, experience and luck.
Greater Potion of Speed: +30% speed for 5 minutes
Warriors melee meade: X2 damage for 5 minutes
Tankers ale elixir: X2 Armor for 5 minutes
Hardcore Playa's potion: X2 Experience for 5 minutes
Elixir of Luck: 25% chance to re-roll for better
Trash can punch all elixirs mixed together
NOTE: If your character dies before the potion runs out, it's effect will vanish